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Informist, Thursday, Nov. 7, 2024

 

--SBI MF Singh: Confident of crossing INR 11.5 tln AUM in next 2 mos

--SBI MF Singh: Too ambitious to pre-empt crossing INT 12.5-13 tln AUM in FY25

 

By Priyasmita Dutta

 

MUMBAI - Though the domestic environment is conducive for growth of the mutual fund industry, SBI Mutual Fund Deputy Managing Director and Joint Chief Executive Officer D.P. Singh said it would be too ambitious to pre-empt growth in assets under management to INR 12.5 trillion-INR 13 trillion by the end of the current fiscal year due to fluctuations seen in the sector.

 

Instead, he is confident of crossing INR 11.5 trillion of AUM in the next two months, Singh told Informist on the sidelines of the Business Standard BFSI Summit.

 

According to data, SBI Mutual Fund's AUM was INR 11.19 trillion as of Sept. 30. It was also the first mutual fund to cross the INR 10-trillion AUM mark, and its assets were 30% and 45% higher than those of the second- and third-placed ICICI Mutual Fund and HDFC Mutual Fund at INR 8.41 trillion and INR 7.59 trillion, respectively.

 

Singh said that though the industry was expanding sharply, multiple external pressures could lead to the sector "tanking losses". Recently, there has been some volatility in the stock markets which led to outflows, but Singh said Indian investors were now aware of market fluctuations and put in money accordingly. 

 

The growth in the mutual fund sector comes at a time when the banking sector as well as the finance ministry have said that savings money has shifted to new savings spaces such as mutual funds and stock markets from traditional fixed deposits and term insurance.  End

 

Edited by Avishek Dutta

 

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