Do we need more mutual funds AMCs?
Indian mutual fund (MF) industry has shown a tremendous growth in last five years. This growth was driven by better returns (except in last one and half year), initiatives taken by industry body and greater financialisation of the savings that persuaded more investment in financial products rather than physical assets such as gold and real estate. The industry Asset under Management (AUM) has grown by over 40 per cent from Rs. 17.5 lakh crore in March 2017 to Rs. 24.5 lakh crore in July 2019. During the same period, monthly SIP contributions have almost doubled from Rs. 4,335 crores a month to Rs. 8,324 crores a month. Despite such an increase in AUM, the penetration of mutual funds in India is still very low compared to other countries. As a percentage of GDP, mutual funds comprise 101 per cent in US, 76 per cent in France, 65 per cent in Canada, 59 per cent in Brazil and 57 per cent in UK. In India it is still around 7 per cent. Hence, there is a great potential for increase in MF AUM in India.
In a recent vision document released by AMFI and BCG, the mutual fund industry aims four-fold rise in its AUM to reach Rs. 100 lakh crore from Rs. 25 lakh crore currently. A back-of-the-envelope calculation shows that AUM needs to increase at a compounded annual growth rate of 32% in next five years to reach the target. The document also highlights that the investor base needs to grow at a faster pace than the MF AUM.
Therefore, we believe that the Indian mutual fund sector requires more asset management companies (AMC) to get a four-fold rise in AUM. Right now, India has one of the lowest numbers of AMCs in comparison to other countries. In India there are only 44 AMCs and even in these 44 AMCs, top 10 companies have 83 per cent of the total AUMs.
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)
Therefore, we need to have more AUMs in our country to serve more customers and increase the base size of MF investors.