Mutual Fund Managers in India, Ranked by AUM

Who are the top mutual fund managers in India by AUM?

By assets under management, the largest mutual fund managers in India right now are Dhruv Muchhal (HDFC Mutual Fund), ₹8.70 lakh Cr across 48 schemes; Sharmila D'Silva (ICICI Prudential Mutual Fund), ₹7.38 lakh Cr across 54 schemes; Divya Sharma (Nippon India Mutual Fund), ₹5.15 lakh Cr across 50 schemes. AUM measures how much money a manager runs, not how well; compare long-term returns against the benchmark before choosing a fund.

What does a mutual fund manager do?

A mutual fund manager decides which stocks, bonds or other securities a scheme buys and sells, within the investment objective in the scheme information document and SEBI's rules. They work with research analysts and the AMC's risk team. For index funds and ETFs, the manager's job is to track the index closely rather than pick securities.

Does a higher AUM mean a better fund manager?

No. AUM shows how much money a manager is responsible for, which often reflects the AMC's size, index funds and large debt or liquid schemes. Judge a manager on how their schemes have done against the benchmark and category peers over full market cycles, and on how much risk they took to get there.

How do I evaluate a fund manager's performance?

Look at rolling returns over 3 to 5 years against the scheme's benchmark and category average, how far the fund fell in market corrections, how consistent returns have been, and how long the manager has run that particular scheme. Past returns earned under a different manager say little about the current one.

Why do many mutual funds have more than one fund manager?

Schemes are often co-managed: a hybrid fund may have separate equity and debt managers, and funds that invest abroad usually name a dedicated manager for overseas securities. That is also why one manager can appear on dozens of schemes.

What happens to my investment if the fund manager changes?

The scheme's objective, benchmark and asset allocation stay the same, and the AMC must disclose the change. Review the new manager's record before reacting, because switching out can trigger exit load and capital gains tax.

How are mutual fund managers in India paid?

Fund managers are employees of the asset management company and are paid by it. Investors pay the scheme's total expense ratio (TER), which SEBI caps. SEBI also requires a portion of a fund manager's pay to be held in units of the schemes they manage, so their money moves with yours.