Mutual fund AUM surges 18% in 2025, slowest in 3 years: Amfi data

Led by ICICI Pru, top four AMCs add over Rs 6 trillion to combined AUM

Mutual funds recorded over 18 per cent growth in assets under management (AUM) during 2025, going by the increase in average AUM between the December quarters of 2024 and 2025.

 

The industry managed an average AUM of ₹81 trillion during October-December 2025 compared to ₹68.6 trillion in the same period of 2024, shows data from the Association of Mutual Funds in India (Amfi).

 

The pace of growth in 2025 is sharply lower compared to 2024, when the average AUM had surged nearly 40 per cent.

 

The decline, according to experts, is largely due to sharply lower mark-to-market gains this year owing to subdued equity markets.

 

The inflows into equity schemes have also been comparatively lower this year. 

 

Nearly 50 per cent of the rise in AUM has come from the four largest asset managers.

 

The combined quarterly average AUM of SBI, ICICI Prudential, HDFC and Nippon India rose by ₹6.1 trillion during the year.

 

In the same period, the industry added ₹12.4 trillion to the AUM.

 

In absolute terms, the quarterly average AUMs of ICICI Prudential and HDFC grew the fastest in 2025 as they added ₹2 trillion and ₹1.4 trillion, respectively.

 

SBI, which remains the largest fund house with ₹12.5 trillion average AUM, added ₹1.3 trillion to its tally.

 

Nippon India, the fourth largest asset manager, remained among the fastest growing major fund houses as its AUM surged 23 per cent or ₹1.3 trillion. 

 

In percentage terms, Motilal Oswal, Parag Parikh Financial Advisory Services (PPFAS) and Invesco topped the growth charts. Their AUMs grew at the fastest pace among the top 20 fund houses.