In-depth analysis reveals that the top 100 mutual fund distributors in India wield substantial influence, overseeing 27% of the total assets under management (AUM) in the industry. As of March 2023, these distributors expertly manage nearly Rs. 11 lakh crore within the mutual fund sector.
The AUM of these top 100 Mutual Fund Distributors spans a broad spectrum, ranging from Rs. 1.44 lakh crore to Rs. 1400 crore.
It’s noteworthy that the majority of the distributors within this elite group are national distributors. In the fiscal year 2023, 39 national distributors secured their positions in the top 100 list.
Surprisingly, wealth boutiques have emerged as the second-largest distributor segment, surpassing banks in this ranking. Among the top 100 Mutual Fund Distributors, 23 belong to wealth boutiques, while 19 are affiliated with banks. Wealth boutiques are specialized distribution firms that cater to High-Net-Worth Individuals (HNIs), Ultra HNIs, and family offices.
Another intriguing development is the inclusion of 18 boutique Mutual Fund Distributor (MFD) firms in the list of top 100. These boutique MFD firms are notably supported by individual MFDs, indicating a growing presence of niche, independent players.
Remarkably, only one individual MFD, Madhav Ganpule, has made it to the esteemed list of top 100 distributors as of March 2023.
| Sr. No. | Name of the ARN Holder | Distributor type | AUM (Rs. Crore) |
| 1 | State Bank of India | Bank | 1,44,301 |
| 2 | NJ IndiaInvest | ND | 1,24,025 |
| 3 | HDFC Bank | Bank | 96,729 |
| 4 | Axis Bank | Bank | 69,697 |
| 5 | Prudent Corporate Advisory Services | ND | 53,164 |
| 6 | ICICI Securities | Bank | 51,770 |
| 7 | ICICI Bank | Bank | 50,447 |
| 8 | Kotak Mahindra Bank | Bank | 40,693 |
| 9 | HSBC | Bank | 22,421 |
| 10 | Julius Baer Wealth Advisors (India) | Wealth Boutique | 20,851 |
| 11 | Anand Rathi Wealth | Wealth Boutique | 20,562 |
| 12 | Standard Chartered Bank | Bank | 18,926 |
| 13 | IIFL Wealth | Wealth Boutique | 17,080 |
| 14 | Aditya Birla Finance | ND | 13,271 |
| 15 | JM Financial Services | ND | 12,009 |
| 16 | Bajaj Capital | ND | 11,936 |
| 17 | IIFL Wealth Prime | Wealth Boutique | 11,844 |
| 18 | Batlivala & Karani Securities India | ND | 11,240 |
| 19 | HDFC Securities | ND | 10,816 |
| 20 | Deutsche Bank AG | Bank | 10,668 |
In conclusion, this comprehensive analysis unveils the landscape of India’s top 100 Mutual Fund Distributors, showcasing their diverse profiles, ranging from national distributors and wealth boutiques to boutique MFD firms and the representation of individual MFDs. These distributors collectively hold a significant portion of the industry’s AUM, shaping the mutual fund landscape in India.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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