Top Fund Houses Derive Over 80% of AUM from T30 Cities; SBI, ICICI Pru, and HDFC Lead the Pack

The Indian mutual fund industry continues to witness a heavy concentration of assets in India’s top 30 (T30) cities as of June 2025, as per the Cafemutual report. Top fund houses derive more than 80% of their Assets Under Management (AUM) from these urban centres, spotlighting the dominance of metropolitan investors in the mutual fund space.

Majority of AUM is Concentrated in T30 Markets

As per the latest data, the mutual fund industry's total AUM stood at ₹74.84 lakh crore. Of this, ₹61.02 lakh crore, or 81.53%, originated from the T30 cities. Out of the top 15 fund houses, 14 sourced more than 80% of their assets from these cities. SBI Mutual Fund led the pack with ₹9.06 lakh crore in T30 AUM, followed by ICICI Prudential Mutual Fund with ₹8.22 lakh crore and HDFC Mutual Fund with ₹6.89 lakh crore. This urban skew underlines the imperative for AMCs to deepen penetration in B30 (beyond the top 30) cities to ensure balanced growth.

Urban Focus of Leading Mutual Funds

Fund houses like Nippon India Mutual Fund and Kotak Mutual Fund continue to show a strong urban orientation, drawing 89% and 88% of their respective total AUM from T30 cities. Newer entrants such as Angel One Mutual Fund also reported a striking 99% of AUM from urban locations. Among the top 10, Aditya Birla, UTI, Axis, Mirae Asset and Tata Mutual Fund also showcased consistent urban participation with over 80% of their AUM derived from metropolitan investors.

Read More: Best Mid and Smallcap Mutual Funds to Watch in July 2025!

Implications for Industry Growth and Reach

The concentration in T30 cities opens a clear window of opportunity for industry stakeholders to enhance financial literacy and investment adoption in B30 and rural markets. With saturation evident in urban locales, future AUM growth may increasingly rely on strategies and innovations that tap into emerging investor bases outside major cities.

Conclusion

India’s mutual fund industry remains largely fuelled by T30 city investors, with leading fund houses drawing over 80% of their assets from these areas. While this highlights strong urban penetration, it signals the need for expanding inclusion strategies in smaller towns to drive future industry expansion.

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