SBI MF asset base crosses `5L cr mark

New Delhi: SBI Mutual Fund (MF) on Thursday said its asset base has crossed Rs 5 lakh crore mark in the March quarter, becoming the first fund house in the country to achieve such a feat.

The fund house's average asset under management (AAUM) rose to Rs 5.04 lakh crore in 2020-21 from Rs 3.73 lakh crore in the preceding fiscal, recording a growth of 35 per cent, SBI MF said in a statement.

In the December quarter, SBI MF had an asset base of Rs 4.56 lakh crore.

The AAUM growth has been achieved on the back of a robust increase in the SIP (systematic investment plan) book and penetration in T30 and B30 locations, the fund house said.

The fund house's SIP book increased to Rs 1,382 crore from Rs 1,180 crore over the last year, registering a growth of 17 per cent. Apart from SBI MF, other top players also saw growth in their respective asset base in the March quarter compared to the preceding three months.

HDFC MF, which is at the second position, saw its asset base rising to Rs 4.15 lakh crore during the period under review from Rs 3.89 lakh crore in the December quarter.