SBI Mutual Fund, which is the largest AMC in India, reported over 30 lakh new systematic investment schemes (SIPs) in the first nine months of FY22. This is an increase of 39% in new SIPs of the fund house as compared to FY2011.
On an average, monthly SIP inflows were exhausted 1,800 crores in the current financial year and the average SIP size was approx. 2,500.
According to the press release, this was driven by a strong distribution network of independent financial advisors, national distributors and SBI Bank branches. In addition, opening of new SBI MF branches in several Tier 2 locations also helped. The press release also provides data on the geographic distribution of these SIPs. North, East, West and South account for 25 per cent, 22 per cent, 25 per cent and 28 per cent, respectively, in SIPs in the current financial year.
Aided by the record Rs. 14,691 crore under its Balanced Advantage Fund and Rs. 8,095 crore under its Multicap Fund, SBI MF became the first fund house to cross Rs. 6 lakh crore mark for average assets under management in FY22.
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