SBI Funds Management Pvt. Ltd on Thursday said that it has become the first mutual fund house in India to cross the ₹5 lakh crore average assets under management (AAUM) mark. In the last one year, SBI MF’s average AUM has grown to ₹5.04 lakh crore from ₹3.73 lakh crore, recording a growth of 35 % during the financial year 2020-21.
According to the company, the market share of the fund house has also grown from 13.82% to 15.71% during the last one year.
During financial years FY15-FY21, the fund house reported a 37% compounded annual growth rate of (CAGR) in average AUM.
The company, which is a joint venture between India’s largest lender, State Bank of India, and Europe’s largest asset manager, Amundi, said that the growth in average AUM came on the back of robust increase in the systematic investment plan (SIP) book. The fund house’s SIP book has increased to ₹1,382 crore from ₹1,180 crore over the last one year recording a growth of 17%.
Earlier in the day, an Association of Mutual Funds in India (Amfi) release said that the pandemic-impacted financial year 2020-21 ended on healthy note with the MF industry’s average AUM rising to ₹32.17 lakh crore against ₹24.70 lakh crore last year, showing a gain of 30% year-on-year.
“Mutual funds continues to be preferred investment vehicle to build long term goal-based wealth creation, as is reflected from the number of unique investors across mutual fund schemes, increasing in the last one year, by 10% from 2.08 crore as on 31 March 2020 to 2.28 crore as on 31 March 2021,” said N.S. Venkatesh, chief executive officer, Amfi.