India’s asset management companies (AMCs) own assets under management (AUM) worth Rs24.46 trillion, according to data released by the Association of Mutual Funds in India (Amfi). HDFC Asset Management Co. Ltd has claimed the top spot with an average AUM of Rs3.42 trillion, overtaking ICICI Prudential Asset Management Co. Ltd with an average AUM of at Rs3.20 trillion.
Out of the total industry assets, a huge 82.7% is owned by the top 10 AMCs, who have owned around 80% of the industry assets over at least three years now.
Asset management companies (AMCs) :
An asset management company (AMC) is a firm that invests pooled funds from clients, putting the capital to work different investments including stocks, bonds, real estate, master limited partnerships, and more. Along with high-net-worth individual portfolios, AMCs manage hedge funds and pension plans, and—to better serve smaller investors—create pooled structures such as mutual funds, index funds, or exchange-traded funds, which they can manage in a single centralized portfolio.
The Association of Mutual Funds in India (AMFI) is an industry standards organisation in India in the mutual fundssector. It was formed in 1995. Most mutual funds firms in India are its members. The organisation aims to develop the mutual funds market in India, by improving ethical and professional standards.AMFI was incorporated on 22 August 1995. As of April 2015, there are 44 members.