SBI Funds Management Limited (SBIFM) is an asset management company. It was incorporated on 7 February 1992. SBIFM was formerly known as SBI Funds Management Private Limited.
Key aspects of SBIFM:
- Joint Venture: SBIFM operates as a joint venture between the State Bank of India (SBI) and AMUNDI.
- Investment Manager: SBIFM is the investment manager of SBI Mutual Fund and manages its investment portfolios and provides it with administrative services.
- Global Reach: SBIFM can offer its Indian market expertise to investors in India and globally via the Amundi network.
- Subsidiaries:
- SBI Funds Management (International) Private Limited is a wholly-owned foreign subsidiary based in Mauritius that manages offshore funds.
- SBI Funds International (IFSC) Limited was incorporated as a wholly owned subsidiary in IFSC-GIFT City on 7 February 2024.
- Associate Company: SBIFM holds a 20% investment in SBI Pension Funds Private Limited, which is appointed by the Pension Fund Regulatory Authority of India (PFRDA) to manage pension funds.
- Alternative Investment Funds (AIF): SBIFM offers alternative asset investment products through AIFs and acts as the Investment Manager of SBI Alternative Equity Fund & SBI Alternative Debt Fund, which are registered with SEBI as Category III & Category II AIFs, respectively. SBIFM also manages the SBI Investment Opportunities Fund (IFSC) as a Category III Alternative Investment Fund.
- International Financial Services Centre (IFSC): SBIFM has a branch office in IFSC-GIFT City in Gujarat for investment management activities.
- AUM: SBIFM manages over ₹22.85 Lakh Crore of assets across mutual funds, portfolio management services, offshore funds and alternative investment funds (as of 31 March 2024).
- Performance: SBIFM achieved the top rank in the industry in terms of average Assets Under Management (AUM) for financial year 2019-20. In FY 2023, the company had a profit after tax of ₹1,331 Cr, with a year-on-year growth of 55%. In 2024, the company’s profit after tax was ₹2,063 Crore.
- Services: SBIFM provides portfolio management services (PMS) to domestic and international clients and provides management and advisory services to Category I and Category II foreign portfolio investors.
- Liquidation and Distribution of Assets: SBI Funds Management was appointed by the Supreme Court of India to handle the liquidation and distribution of assets for six schemes of Franklin Templeton Mutual Fund.
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Key Points