SBI Mutual Fund

SBI Mutual Fund was incorporated in 1987 with its corporate head office located in Mumbai, India. SBIFMPL is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a European asset management company. A shareholder agreement in this regard has been entered on April 13, 2011, between SBI & AMUNDI Asset Management. Accordingly, SBI currently holds 63% stake in SBIFMPL and the 37% stake is held by AMUNDI Asset Management through a wholly owned subsidiary, Amundi India Holding. SBI & AMUNDI Asset Management shall jointly develop the company as an asset management company of international repute by adopting global best practices and maintaining international standards.[6]

SBI Mutual Fund
TypePrivate company
IndustryMutual Fund
Founded1987
HeadquartersMumbai, India
Area served
India
Key people
Mr. Vinay M. Tonse (CEO & Managing director) [1]
Mr. Denys de Campigneulles (Deputy CEO) [2] [3]
Navneet Munot (Executive Director & Chief Investment Officer)
D. P. Singh (Executive Director & Chief Marketing Officer)
Vinaya Datar (Head Compliance & Company Secretary) [4]
ProductsMutual Fund
AUMRs. 3,07,534 crore ($44.87 billion) (April - June 2019) [5]
Number of employees
1000–1200
Websitesbimf.com

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.[7] 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%.[8] 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.[9]

SBI Funds Management Private Limited (SBIFMPL) has been appointed as the Asset Management Company of the SBI Mutual Fund. SBIFMPL is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a European asset management company. [10]

As of September, 2019, the fund house claims to serve 5,809,315 unique investors through approximately 212 branches PAN India.[11]

Key milestones
  • 1987 - Establishment of SBI Mutual Fund [12]
  • 1991 - Launch of SBI Magnum Equity Fund [13]
  • 1999 - Launch of sector funds, India's first contra fund: SBI Contra Fund[14]
  • 2004 - Joint Venture with Societe General Asset Management[15]
  • 2006 - Became the first bank-sponsored fund to launch an offshore fund – SBI Resurgent India Opportunities Fund[16]
  • 2011 - Stake Transfer from SGAM to Amundi Asset Management [17]
  • 2013 - Acquisition of Daiwa Mutual Fund, part of the Tokyo-based Daiwa Securities Group [18]
  • 2013 - Launch of SBI Fund Guru, an investor education initiative [19]
  • 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 [20]
  • 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)[21]

Products and Services

Equity

The company offers a wide array of equity funds ranging from diversified to thematic and sector-based offerings. [22]

Debt

The company has a robust product range matching all maturities for cash management. The focus of investment philosophy is primarily on the product's liquidity as well as on the quality of the securities held in the portfolio. [23]

Hybrid

Hybrid Schemes invest in a mixture of multiple asset classes like debt, equity, and gold in different proportions based on the investment objective. The company has a suite of products across the risk-spectrum including a multi-asset offering that has gold in the portfolio into the traditional mix of equity and debt. [24]

Other Large Mutual Fund Houses

Some of the major competitors for SBI Mutual Fund in the mutual fund sector are Birla Sun Life Mutual Fund, Kotak Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Reliance Mutual Fund, UTI Mutual Fund & Axis Mutual Fund.[25]

See also

References
  1. "SBI MF appoints Vinay Tonse as MD & CEO - Economic Times". Economic Times.
  2. https://www.sbimf.com/en-us/lists/noticeandaddendums/notice%20-%20changes%20in%20key%20personnel%20and%20board%20of%20directors%20of%20sbi%20funds%20management%20pvt%20ltd.pdf
  3. https://www.indiainfoline.com/article/news-mutual-funds/sbi-mf-announces-change-in-key-personnel-120031800302_1.html
  4. "Management Team".
  5. "Are these top 5 MFs as per April–June average AUM part of your portfolio?".
  6. Mampatta, Sachin P. (23 May 2011). "Amundi SA to acquire 37% stake in SBI Funds". DNA India. Retrieved 7 December 2020.
  7. "MF History". Association of Mutual Funds of India.
  8. "SBI divests 37 pc in MF arm — Signs MoU with SocGen Asset Management". Business Line. 14 July 2004.
  9. "Amundi SA to acquire 37% stake in SBI Funds". Daily News and Analysis. 23 May 2011.
  10. "BSE India Annual Report" (PDF). BSE.
  11. "SBI Mutual Fund - Disclosure".
  12. "MF History". Association of Mutual Funds of India.
  13. "SBI Magnum Equity Fund - Regular Plan - Dividend". NDTV Profit.
  14. "Are contra funds for you?". The Economic Times. 4 March 2006.
  15. "SBI MF forms joint venture with SGAM of France". Deccan Herald. 7 November 2004.
  16. "Top 10 Mutual Funds". The Economic Times. 11 June 2008.
  17. "Amundi SA to acquire 37% stake in SBI Funds". Daily News and Analysis. 23 May 2011.
  18. "Daiwa Mutual Fund calls it quits, to sell assets to SBI Mutual Fund". The Economic Times. 5 June 2013.
  19. "SBI Mutual Fund is 1st to launch unique investor education campaign". 7 August 2013.
  20. "PF body to invest ₹5,000 cr in equity market via SBI MF". Business Line. 6 August 2015.
  21. "UN-PRI SIGNATORIES".
  22. "Equity Funds - SBI Mutual Fund". www.sbimf.com. Retrieved 9 December 2019.
  23. "Debt Funds - SBI Mutual Fund". www.sbimf.com. Retrieved 9 December 2019.
  24. "Hybrid Funds - SBI Mutual Fund". www.sbimf.com. Retrieved 18 December 2019.
  25. "Top Fund Houses". NDTV Profit. 16 December 2015.
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