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Informist, Thursday, Jul. 9, 2026

 

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--SBI Funds Mgmt: Volumes in GIFT City funds very low, 3-4 new funds likely 
--SBI Funds Mgmt: Huge potential to grow global book, attract global invest 
--SBI Funds Mgmt: Having SBI as our distributor a massive advantage 
--SBI Fund Mgmt: Will continue to scale up alternate invest fund business 
--SBI Fund Mgmt: SIP book continues to grow even in volatile market 
--Amundi official: Not divesting in India, will continue SBI AMC partnership 
--CONTEXT: Amundi India holds 36.3% stake in SBI AMC; to sell 3.7% in IPO 
--SBI Funds Mgmt: Expect MF SIP AUM to touch INR 30 tln by FY29 
--SBI Funds Mgmt: Expect MF industry AUM to touch INR 155 tln by FY30 
--SBI Funds Mgmt: Expect special invest fund category to grow at steady pace 
--SBI Funds Mgmt: Listing co at this time to be part of India growth story
 

 

MUMBAI – SBI Funds Management Ltd. expects the Indian mutual fund industry's assets under management to nearly double to INR 155 trillion by 2029-30 (Apr-Mar), driven by sustained financialisation of savings and robust growth in systematic investment plans, even as its long-time joint venture partner Amundi India Holdings said it remains committed to India despite trimming its stake through the company's upcoming initial public offering.

 

"The mutual fund industry could be around 155 lakh crores by FY30," Managing Director and Chief Executive Officer Nand Kishore said, citing the company's internal estimates and industry growth outlook. He added that mutual fund SIP assets alone could rise to around INR 30 trillion by FY29 as retail participation continues to deepen.

 

The comments come ahead of SBI Mutual Fund's IPO, in which France-based Amundi will pare its stake by 3.7% while retaining 32.6% holding. Amundi currently owns 36.3% of SBI Funds Management. State Bank of India, the other promoter, will sell around 6.3% stake in its asset management arm.

 

Addressing concerns about the stake sale, Amundi Deputy CEO Denys de Campigneulles said the transaction should not be interpreted as a withdrawal from India. "We are not in a financial partnership. We are not in a passive partnership. We are in an active, evolving and building partnership," he said. "We clearly don't want to divest from India. It's the opposite. We strongly believe in the strength of the Indian asset management industry for the next decades."

 

The fund house said its systematic investment plan book continues to expand despite bouts of market volatility, reflecting the resilience of retail flows. "You might have seen during this volatile period too this SIP book continues to grow month after month," a senior company executive said, adding that the company now receives around INR 40 billion through SIPs every month and has nearly 16 million SIP accounts.

 

SBI Funds Management said its association with State Bank of India remains a key competitive advantage, given the lender's distribution reach. "State Bank of India gives us the massive reach," the executive said, noting that the bank's network of over 23,000 branches, digital platform YONO, and trained sales force provide significant opportunities to expand mutual fund penetration. "There is so much of potential that State Bank of India brings to the table."

 

The company also expects newer business segments to contribute meaningfully over the medium term. On specialised investment funds (SIFs), introduced recently by the Securities and Exchange Board of India, the fund house said it expects the category to witness steady expansion, having already established an early leadership position.

 

The company also said it would continue to scale up its alternative investment fund business following regulatory approvals for Category II and III AIFs. "We are now doubling down on what we couldn't do in the last few years, which includes talent capability and new product launches," a senior executive said. "Very soon, you would see us launching new capabilities both in Category II and Category III."

 

On its international business through GIFT City, SBI Funds Management acknowledged that the business was still at a nascent stage. "Volumes are very, very less," the executive said, attributing the slow pace to operational hurdles for overseas investors. However, he added that the company had already launched one fund, had inbound offerings in place and "three or four more funds...on the drawing table."

 

The company said GIFT City presents a significant long-term opportunity to build a global business by leveraging Amundi's international distribution network. "It's not about promoting SBI. It's about promoting India...the ease of access for global investors to India," Denys said, adding that Amundi was actively working across Europe and the UK to channel overseas investor interest towards India.

 

The management also said listing the company now allows investors to participate in India's long-term growth story rather than being driven by short-term market conditions. "Markets may be volatile, but trust is there," Nand Kishore said. "Our market coming is to give assurance...We want to be the fund manager for every Indian."  End

 

Reported by Kabir Sharma, J. Navya Sruthi, and Cassandra Carvalho

Edited by Avishek Dutta

 

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