Invesco, Motilal Oswal and HSBC Mutual Funds Record Over 10% Quarterly AUM Growth

Key Takeaways:

• Invesco, Motilal Oswal and HSBC mutual funds each recorded quarterly average AUM growth of at least 10% during July–September 2026. 
• SBI Mutual Fund remained India's largest fund house, with quarterly average assets of approximately ₹13.3 lakh crore. 
• Abakkus Mutual Fund recorded 81% quarter-on-quarter growth, although percentage comparisons can be particularly pronounced for smaller asset bases. 

Mid-Sized Fund Houses Outpace Industry Growth 

Invesco Mutual Fund, Motilal Oswal Mutual Fund and HSBC Mutual Fund recorded double-digit growth in quarterly average assets under management during the September 2026 quarter. 

Their growth rates of 10% or more exceeded the mutual fund industry's overall quarterly expansion of approximately 5%. 

Business Standard reported the AMC-level figures on 6 October, based on quarterly industry asset data. 

The figures highlight differences in the pace of asset expansion among fund houses during the July–September period. 

SBI Mutual Fund Retains Largest AMC Position 

SBI Mutual Fund remained the largest asset management company by quarterly average AUM. 

Its assets increased by ₹53,146 crore, or approximately 4.2%, to ₹13.3 lakh crore. 

ICICI Prudential Mutual Fund, the second-largest fund house, added ₹44,263 crore to its quarterly average asset base. 

Nippon India Mutual Fund was also among the major fund houses contributing to absolute industry asset growth. 

These figures illustrate an important distinction between percentage growth and the absolute value of additional assets. 

A large fund house can add more assets in rupee terms while recording a lower percentage growth rate than a smaller competitor. 

Smaller AMCs Report Faster Percentage Expansion 

Abakkus Mutual Fund recorded an 81% quarter-on-quarter increase in quarterly average AUM, taking its asset base to approximately ₹10,100 crore. 

Trust Mutual Fund and Helios Mutual Fund also reported growth of around 30% during the quarter. 

Such percentage increases should be assessed alongside the size of each AMC's starting asset base. 

A smaller fund house can report a high percentage increase following comparatively modest absolute asset additions, whereas an established AMC may add a larger rupee amount at a lower percentage rate. 

What Drives AMC-Level AUM Changes? 

Changes in a fund house's assets can reflect new subscriptions, redemptions, market valuation movements and the introduction of additional schemes. 

Quarterly average AUM does not, by itself, separate these components. 

It also does not measure the investment performance of individual schemes. 

The AMC-level figures are useful for comparing the scale and pace of business expansion across the industry of mutual funds, but they should not be treated as a ranking of fund returns. 

Q2FY27 Industry Context 

India's total quarterly average mutual fund AUM rose to ₹87.2 lakh crore from ₹83.1 lakh crore in the previous quarter. 

Within that overall expansion, the September quarter saw a mixture of double-digit percentage growth among several mid-sized fund houses and large absolute asset additions at established AMCs. 

The data illustrates how industry growth was distributed across asset managers of different sizes.