MUMBAI: SBI Mutual Fund has displaced HDFC Mutual Fund to become India’s largest fund house, according to quarterly average AUM data released by the Association of Mutual Funds of India (AMFI) for January-March.
SBI MF has attributed the growth to its network of independent financial advisors and relative emphasis on debt funds rather than inflows from the Employees Provident Fund Organisation (EPFO) or sales from SBI bank branches.
Industry average AUM grew to ₹27.02 trillion from ₹24.48 trillion during the reporting quarter. However, this figure is likely to be lower if one considers AUM at the end of March 2020 on account of the Covid-19 driven market correction.