Race for top spot in mutual funds going down to the wire

SBI MF STILL HOLDS THE CROWN, BUT ICICI PRU JUST ₹1.7 LAKH CRORE BEHIND

- ANANYA GROVER

THE BATTLE FOR the top spot in India's mutual fund industry is entering its most competitive phase yet-and it is no longer a one-horse race.

Over the past two years, ICICI Prudential Mutual Fund has closed the gap sharply with industry leader SBI Mutual Fund, turning what once looked like a settled hierarchy into a genuine contest. Based on average assets under management (AAUM), ICICI Prudential is now just ₹1.7 lakh crore behind SBI MF.

As of December 2025, SBI MF managed ₹12.48 lakh crore, while ICICI Prudential MF stood at ₹10.76 lakh crore, according to data from Association of Mutual Funds in India (Amfi). What makes this shift more striking is what is happening behind them: the gap between ICICI Prudential and third-placed HDFC Mutual Fund has widened dramatically. From about ₹70,000 crore in March 2024, it has more than doubled to ₹1.5 lakh crore.

A large part of SBI MF's lead, however, comes from a structural advantage. Nearly 27% of its AUM is concentrated in just two exchange-traded funds-the Nifty 50 and Sensex ETFs-driven by long-term allocations from the Employees' Provident Fund Organisation.