MF News ICICI Pru, HDFC and SBI: Top three fund houses in individual AUM

ICICI Pru, HDFC and SBI: Top three fund houses in individual AUM

Overall, individual investors contribute 60% to the total MF AUM in FY 25.

Kushan Shah Apr 29, 2025

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Cafemutual’s analysis of AUM data shows that individual investors, which include contribution from retail investors and HNIs account for 60% of the total MF AUM. The MF industry manages individual AUM of Rs. 40.33 lakh crore as against the total MF AUM of Rs. 66.71 lakh crore in March 2025.

Individual AUM

ICICI Prudential MF, HDFC MF, and SBI MF are the top three fund houses in terms of individual assets.

ICICI Prudential MF leads with total individual assets of Rs. 5.34 lakh crore, contributing about 61% of its total AUM. HDFC MF follows with Rs. 5.31 lakh crore of individual assets, accounting for about 70% of the fund house’s total AUM.

SBI MF ranks third with individual AUM of Rs. 5.16 lakh crore, with individual investors contributing about 49% of the total AUM of India’s largest fund house.

Nippon India MF and Kotak MF complete the top five, with individual AUMs of Rs. 3.30 lakh crore and Rs. 2.71 lakh crore, forming 59% and 57% of their respective total assets.

Axis MF, Aditya Birla Sun Life MF, UTI MF, Mirae Asset MF, and DSP MF are also among the top 10 fund houses in terms of individual assets.

In terms of proportion of individual assets to the total AUM, Taurus MF has recorded the highest share of its assets from individual investors at 96%, followed by Quant MF at 93% and Samco MF at 91.4%.

PPFAS MF has also recorded over 90% of its assets from individual investors at 91.2%, while Franklin Templeton ranks fifth with 89% of its total AUM coming from individuals.

Other fund houses with a high share of individual investors in their total AUM include PGIM India MF, ITI MF, Zerodha MF, Canara Robeco MF, and WhiteOak Capital MF.

Let us look at the table to know more:

Ranking	Fund House	Retail AUM	HNI AUM	Individual AUM	Total AUM	Individual AUM (%)
1	ICICI Pru	175319	358833	534152	874334	61.09
2	HDFC	210682	320046	530728	762539	69.60
3	SBI	195984	320323	516307	1061990	48.62
4	Nippon India	163629	166239	329868	556530	59.27
5	Kotak	84388	186926	271314	477737	56.79
6	Axis	114446	84171	198617	314489	63.16
7	Aditya Birla Sun Life	92227	92244	184471	378506	48.74
8	UTI	91590	58271	149861	338362	44.29
9	Mirae Asset	81527	60547	142074	182680	77.77
10	DSP	62031	64292	126323	183223	68.94
11	Tata	48610	50353	98963	186009	53.20
12	Franklin Templeton	53203	41737	94940	106246	89.36
13	PPFAS	49796	44505	94301	103462	91.15
14	Canara Robeco	50757	38000	88757	101895	87.11
15	Bandhan	29322	57906	87228	164640	52.98
16	Quant	47887	32094	79981	86016	92.98
17	HSBC	38618	38512	77130	119065	64.78
18	Motilal Oswal	37152	36386	73538	91740	80.16
19	Edelweiss	16210	45257	61467	142796	43.05
20	Invesco	23953	35117	59070	104173	56.70
21	Sundaram	27106	22974	50080	64746	77.35
22	Baroda BNP Paribas	10238	16069	26307	45003	58.46
23	Mahindra Manulife	9815	13444	23259	27090	85.86
24	PGIM India	12116	8831	20947	23450	89.33
25	WhiteOak Capital	4608	10184	14792	17093	86.54
26	LIC	7371	5828	13199	36054	36.61
27	Union	5888	7048	12936	19700	65.66
28	Bajaj Finserv	2763	7700	10463	20821	50.25
29	JM Financial	3208	5958	9166	13596	67.42
30	Bank of India	4072	4314	8386	11351	73.88
31	ITI	2819	5078	7897	9014	87.61
32	360 One Asset	1468	6105	7573	11231	67.43
33	Navi	3300	2799	6099	7126	85.59
34	NJ	1701	3510	5211	6326	82.37
35	Zerodha	1510	3120	4630	5310	87.19
36	Helios	519	2435	2954	3507	84.23
37	Samco	943	1574	2517	2754	91.39
38	Quantum	1102	920	2022	2595	77.92
39	Trust	248	1220	1468	2753	53.32
40	Groww	887	253	1140	1594	71.52
41	Old Bridge	183	641	824	1258	65.50
42	Taurus	713	108	821	852	96.36
43	Shriram	229	309	538	917	58.67
44	Unifi	1	207	208	320	65.00

Retail AUM

Further analysis shows that retail investors contribute Rs. 17.70 lakh crore, accounting for about 27% of the total industry assets. Retail investors also contribute 44% of the total individual assets in the industry.

HDFC MF has the highest retail AUM in the industry at Rs. 2.11 lakh crore, making up 28% of its total assets. SBI MF follows with Rs. 1.96 lakh crore from retail investors, contributing 18% to the fund house’s total assets. ICICI Prudential MF ranks third with a retail AUM of Rs. 1.75 lakh crore, forming 20% of its total assets.

Nippon India MF and Axis MF are next, with retail assets of Rs. 1.64 lakh crore and Rs. 1.14 lakh crore, contributing 29% and 36% to their overall AUM, respectively.

Aditya Birla Sun Life MF, UTI MF, Kotak MF, Mirae Asset MF, and DSP MF have also recorded significant AUMs from their retail investors.

In terms of retail assets to the total AUM, Taurus MF has the highest share of assets from retail investors at 84%. Quant MF, Groww MF, PGIM India MF, and Franklin Templeton MF follow, each recording over 50% of their total assets from retail investors.

Ranking based on retail AUM:

Ranking	Fund House	Retail AUM	Total AUM	Retail AUM (%)
1	HDFC	210682	762539	27.63
2	SBI	195984	1061990	18.45
3	ICICI Pru	175319	874334	20.05
4	Nippon India	163629	556530	29.40
5	Axis	114446	314489	36.39
6	Aditya Birla Sun Life	92227	378506	24.37
7	UTI	91590	338362	27.07
8	Kotak	84388	477737	17.66
9	Mirae Asset	81527	182680	44.63
10	DSP	62031	183223	33.86
11	Franklin Templeton	53203	106246	50.08
12	Canara Robeco	50757	101895	49.81
13	PPFAS	49796	103462	48.13
14	Tata	48610	186009	26.13
15	Quant	47887	86016	55.67
16	HSBC	38618	119065	32.43
17	Motilal Oswal	37152	91740	40.50
18	Bandhan	29322	164640	17.81
19	Sundaram	27106	64746	41.87
20	Invesco	23953	104173	22.99
21	Edelweiss	16210	142796	11.35
22	PGIM India	12116	23450	51.67
23	Baroda BNP Paribas	10238	45003	22.75
24	Mahindra Manulife	9815	27090	36.23
25	LIC	7371	36054	20.44
26	Union	5888	19700	29.89
27	WhiteOak Capital	4608	17093	26.96
28	Bank of India	4072	11351	35.87
29	Navi	3300	7126	46.31
30	JM Financial	3208	13596	23.60
31	ITI	2819	9014	31.27
32	Bajaj Finserv	2763	20821	13.27
33	NJ	1701	6326	26.89
34	Zerodha	1510	5310	28.44
35	360 One Asset	1468	11231	13.07
36	Quantum	1102	2595	42.47
37	Samco	943	2754	34.24
38	Groww	887	1594	55.65
39	Taurus	713	852	83.69
40	Helios	519	3507	14.80
41	Trust	248	2753	9.01
42	Shriram	229	917	24.97
43	Old Bridge	183	1258	14.55
44	Unifi	1	320	0.31

HNI AUM

HNI investors account for AUM of Rs. 22.62 lakh crore as on March 2025. They contribute 34% to the total industry assets and 56% of the total individual assets.

ICICI Pru MF is the leader in this segment with HNI AUM of Rs. 3.59 lakh crore, forming 41% of the fund house’s total assets.

SBI MF is the second on the list with Rs. 3.20 lakh crore HNI assets, forming 30% of its total assets while HDFC MF is a close third with HNIs contributing Rs. 3.20 lakh crore of the fund house’s total assets, about 42% of its total AUM.

Kotak MF and Nippon India MF complete the top five with HNI assets of Rs. 1.87 lakh crore and Rs. 1.66 lakh crore, contributing 39% and 30% of their total assets, respectively.

Other fund houses which have recorded high assets from their affluent investors include Aditya Birla Sun Life MF, Axis MF, DSP MF, Mirae Asset MF and UTI MF.

In terms of proportion of HNI assets to the total MF AUM, Helios MF has the highest share of its assets from HNIs at 69% while Unifi MF is second on this list with 65% of its AUM contributed by HNI investors. WhiteOak Capital MF is next with about 60% of its assets contributed by HNIs.

Other fund houses with over 50% of their total assets contributed by HNIs include Zerodha MF, Samco MF, ITI MF, NJ MF, 360 One Asset MF and Old Bridge MF.

Ranking based on HNI assets

Ranking	Fund House	HNI AUM	Total AUM	HNI AUM (%)
1	ICICI Pru	358833	874334	41.04
2	SBI	320323	1061990	30.16
3	HDFC	320046	762539	41.97
4	Kotak	186926	477737	39.13
5	Nippon India	166239	556530	29.87
6	Aditya Birla Sun Life	92244	378506	24.37
7	Axis	84171	314489	26.76
8	DSP	64292	183223	35.09
9	Mirae Asset	60547	182680	33.14
10	UTI	58271	338362	17.22
11	Bandhan	57906	164640	35.17
12	Tata	50353	186009	27.07
13	Edelweiss	45257	142796	31.69
14	PPFAS	44505	103462	43.02
15	Franklin Templeton	41737	106246	39.28
16	HSBC	38512	119065	32.35
17	Canara Robeco	38000	101895	37.29
18	Motilal Oswal	36386	91740	39.66
19	Invesco	35117	104173	33.71
20	Quant	32094	86016	37.31
21	Sundaram	22974	64746	35.48
22	Baroda BNP Paribas	16069	45003	35.71
23	Mahindra Manulife	13444	27090	49.63
24	WhiteOak Capital	10184	17093	59.58
25	PGIM India	8831	23450	37.66
26	Bajaj Finserv	7700	20821	36.98
27	Union	7048	19700	35.78
28	360 One Asset	6105	11231	54.36
29	JM Financial	5958	13596	43.82
30	LIC	5828	36054	16.16
31	ITI	5078	9014	56.33
32	Bank of India	4314	11351	38.01
33	NJ	3510	6326	55.49
34	Zerodha	3120	5310	58.76
35	Navi	2799	7126	39.28
36	Helios	2435	3507	69.43
37	Samco	1574	2754	57.15
38	Trust	1220	2753	44.32
39	Quantum	920	2595	35.45
40	Old Bridge	641	1258	50.95
41	Shriram	309	917	33.70
42	Groww	253	1594	15.87
43	Unifi	207	320	64.69
44	Taurus	108	852	12.68

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