SBI Mutual Fund surpasses ₹10 lakh crore AUM milestone; leads industry

SBI Mutual Fund has achieved a significant milestone by becoming the first mutual fund house in India to manage over ₹10 lakh crore on average. As of June 3, 2024, the Average Assets Under Management of SBI Mutual Fund stands at ₹10 lakh crore.

This success implies a remarkable progression path taken by SBI MF, whose AAUM increased from ₹7.17 lakh crore to ₹9.14 lakh crore the immediate past fiscal year alone, which is a percentage increase of 27%.

The fund offers a diverse range of investment options with 116 schemes across various categories including equity, debt, hybrid, and commodity schemes. The equity schemes comprise 44 options, debt schemes total 57, while there are six hybrid schemes and two commodity schemes.

In terms of asset allocation, equity assets constitute about 61% of SBI MF's total AUM, followed by 22.5% in debt and 15.15% in hybrid schemes.

AAUM has been increasing as a result of more people favouring investment in Systematic Investment Plans (SIP) compelling its rise to ₹3,007 Crore by March 31, 2024. Also, SBI MF has broadened its branches across T30 (top 30 geographical locations in India) as well as B30 (locations beyond the top 30) attracting more investors.

SBI Mutual Fund's thematic offerings have also been well-received. The SBI Energy Opportunities Fund raised ₹6,800 crore from 1.7 lakh new investors, while the SBI Automotive Opportunities Fund accumulated ₹5,710 crore from over 1.11 lakh new investors.

Shamsher Singh, Managing Director and Chief Executive Officer, said, "In a journey spanning over 36 years, there have been many milestones for SBI Mutual Fund as we have evolved over time with a dynamic industry. We are part of a strong lineage of the State Bank of India and AMUNDI, which places a greater responsibility on us to ensure that we offer solutions that are in our investor's interest. This achievement is indeed a testament to the trust of our investors, distribution partners and all other stakeholders."

Moreover, there has been development in the Indian mutual fund market. This includes all types of funds, such as open-end as well as closed-end ones; together, these managed to reach ₹58.91 lakh crore as of May ending versus April's figure at ₹57.26 lakh crore.

This achievement points to SBI Mutual Fund's dominance in the Indian mutual fund sector, which has been sustained by excellent returns and lasting faith by investors and associates.