SBI Mutual Fund

SBI Mutual Fund

Company logo
Type	Private company
Industry	Mutual Fund
Founded	1987
Headquarters	Mumbai, India
Area served	India
Key people	Mr. Rajnish Kumar (Chairman) Ashwani Bhatia (CEO & MD) [1] Mr. Navneet Munot (Executive Director & Chief Investment Officer) Binod Kumar Mishra Chief Operating Officer [2]
Products	Mutual Fund
AUM	Rs. 2,53,829 crore ($36.2 billion) (September 2018) [3]
Number of employees	500-1000
Website	www.sbimf.com/

SBI Mutual Fund is a bank sponsored fund house with its corporate headquarters in Mumbai, India. It is a joint venture between the State Bank of India, an Indian multinational, Public Sector banking and financial services company and Amundi, a European asset management company.

History

The mutual fund industry in India originally began in 1963 with the Unit Trust of India (UTI) as a Government of India and the Reserve Bank of India initiative. Launched in 1987, SBI Mutual Fund became the first non-UTI mutual fund in India. ^[4] In July 2004, State Bank of India decided to divest 37 per cent of its holding in its mutual fund arm, SBI Funds Management Pvt Ltd, to Societe Generale Asset Management, for an amount in excess of $35 million. Post-divestment, State Bank of India's stake in the mutual fund arm came down to 67%. ^[5] In May 2011, Amundi picked up 37% stake in SBI Funds Management, that was held by Societe Generale Asset Management, as part of a global move to merge its asset management business with Crédit Agricole. ^[6]

As of Sept 2015, the fund house claims to serve around 5.8 million investors through 130 points of acceptance, 29 investor service centers, 59 investor service desks and 6 Investor Service Points.^[7] As of August 2018, assets under management of SBI Mutual Fund are valued at Rs. 2,33,114 crore ($32.1 billion). ^[8]

Key milestones

• 1987 - Establishment of SBI Mutual Fund ^[9]
• 1991 - Launch of SBI Magnum Equity Fund ^[10]
• 1999 - Launch of sector funds, India's first contra fund: SBI Contra Fund^[11]
• 2004 - Joint Venture with Societe General Asset Management^[12]
• 2006 - Became the first bank-sponsored fund to launch an offshore fund – SBI Resurgent India Opportunities Fund^[13]
• 2011 - Stake Transfer from SGAM to Amundi Asset Management ^[14]
• 2013 - Acquisition of Daiwa Mutual Fund, part of the Tokyo-based Daiwa Securities Group ^[15]
• 2013 - Launch of SBI Fund Guru, an investor education initiative ^[16]
• 2015 - Employees' Provident Fund Organisation decided to invest in the equity market for the first time by investing Rs. 5,000 crore in the Nifty and Sensex ETFs (Exchange Traded Fund) of SBI Mutual Fund ^[17]
• 2018 - First AMC in India to launch an Environment, Social and Governance (ESG) fund viz Magnum Equity ESG Fund
• 2018 - Signatory to the United Nations Principles for Responsible Investment (UN-PRI)

Major competitors

Some of the major competitors for SBI Mutual Fund in the mutual fund sector are Birla Sun Life Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Reliance Mutual Fund & UTI Mutual Fund. ^[19]

See also

• State Bank of India

References