Invesco, Motilal Oswal and HSBC Lead Q2 Mutual Fund AUM Growth; SBI Adds ₹53,146 Crore

Key Takeaways

• Invesco, Motilal Oswal and HSBC Mutual Fund each recorded quarterly average AUM growth of at least 10% in Q2 FY27.
• SBI Mutual Fund added ₹53,146 crore to average assets and remained India's largest fund house with ₹13.3 lakh crore.
• New entrant Abakkus Mutual Fund posted the fastest percentage growth, with assets increasing 81% quarter-on-quarter.

Growth in India's mutual fund industry during Q2 FY27 was spread unevenly across fund houses, with mid-sized asset managers recording some of the highest percentage increases while the industry's largest AMCs contributed most of the incremental assets in absolute terms.

Invesco Mutual Fund, Motilal Oswal Mutual Fund and HSBC Mutual Fund each registered quarterly average AUM growth of 10% or more during July-September, compared with industry-wide growth of about 5%.

The picture changes when growth is measured in rupee terms.

SBI Mutual Fund remains the largest AMC

SBI Mutual Fund added ₹53,146 crore during the quarter, the largest absolute increase among fund houses.

Its quarterly average AUM increased 4.2% to approximately ₹13.3 lakh crore, retaining its position as the country's largest asset manager.

ICICI Prudential Mutual Fund, the second-largest AMC, recorded an increase of ₹44,263 crore in average assets. Nippon India Mutual Fund was also among the large fund houses contributing strongly to industry-level asset growth.

The figures illustrate how percentage growth and absolute growth can produce substantially different rankings.

A smaller AMC can report a high percentage increase from a comparatively modest base, while a large fund house can add significantly more money despite recording a lower percentage growth rate.

Smaller fund houses record sharp percentage gains

Among newer and smaller asset managers, Abakkus Mutual Fund recorded the fastest growth during the quarter.

Its average assets rose 81% quarter-on-quarter to around ₹10,100 crore, according to the reported data.

Trust Mutual Fund and Helios Mutual Fund also posted increases of about 30% in quarterly average AUM.

The wider industry recorded average assets of ₹87.2 lakh crore during Q2 FY27, up from ₹83.1 lakh crore in the preceding quarter.

Together, the AMC-level numbers show that the industry's growth is being driven by a combination of scale at established fund houses and faster percentage expansion among several smaller and mid-sized managers.