All eyes are on the SBI Funds Management IPO listing in a few hours now. The issue garnered a strong response from investors, in terms of subscription as well as a value proposition. The issue is an OFS by India’s biggest asset management company (AMC) in terms of Quarterly Average Assets Under Management (QAAUM). This also puts the focus directly on the key asset management companies in the listed space and the top AMCs by market share.
Here’s a list of the top 5 AMCs of the country and how they stack up against each other –
SBI Funds Management
SBI Funds Management has consistently held this leadership position since March 2021.
As of December 31, 2025, SBI FM managed Mutual Fund QAAUM of Rs 12,49,970 crore in mutual fund assets, representing a 15.4% market share of the total industry. Its mutual fund QAAUM grew at a CAGR of 22.32% from FY23 to FY25.
The asset manager’s total QAAUM reaches Rs 29,04,026 crore, which includes its Portfolio Management Services (PMS) and other advisory mandates (Alternates).
| Rank | AMC Name | QAAUM (in Rs Cr.) | Market share | CAGR (FY21-FY25) |
| 1 | SBI AMC | 12,48,790 | 15.4% | 20.8% |
| 2 | ICICI Prudential AMC | 10,76,380 | 13.3% | 21.4% |
| 3 | HDFC AMC | 9,24,850 | 11.4% | 16.8% |
| 4 | Nippon India AMC | 7,00,960 | 8.7% | 25.0% |
| 5 | Kotak Mahindra AMC | 5,73,310 | 7.1% | 19.9% |
ICICI Prudential Asset Management Company
ICICI Prudential Asset Management Company is one of India’s leading asset management firms and is a major listed peer of SBI Funds Management. As of December 31, 2025, it is the second-largest AMC in India by mutual fund quarterly average assets under management, managing Rs 10,76,380 crore with a 13.3% market share, according to the data in SBI FM Addendum to RHP.
HDFC AMC
HDFC Asset Management Company is the third-largest AMC. It operates as a joint venture between HDFC Bank and abrdn Ltd. (formerly Standard Life Investments). The asset manager’s total Mutual Fund QAAUM stands at Rs 9,24,854 crore and commands an 11.4% market share of the Indian mutual fund industry.
It manages Rs 6,44,511 crore in monthly average assets for individual investors (retail and HNI), representing the third-largest individual investor base in the industry.
Nippon Life India Asset Management
Nippon Life India Asset Management is the fourth-largest AMC in India by mutual fund quarterly average assets under management (QAAUM), managing Rs 7,00,960 crore, as of December 31, 2025. It holds an 8.7% market share of the Indian mutual fund industry.
Among the top five AMCs, it has reported the highest CAGR of 25\% between March 2021 and March 2025.
Kotak Mahindra AMC
Kotak Mahindra Asset Management Company is one of the primary competitors to SBI Funds Management. As of late 2025, it is the fifth-largest AMC in India by mutual fund quarterly average assets under management, managing Rs 5,73,310 crore. The asset manager commands a 7.1% market share of the total mutual fund industry QAAUM. The company’s QAAUM grew at a CAGR of 19.9% between FY21 and FY25.
