The SBI Mutual Fund Trustee Company Private Limited was set up as a trust under the Trust Act of 1882. This Trust controls the SBI Mutual Fund, one of India’s largest and oldest MFs. The SBI Mutual Fund is a Joint Venture (JV) between one of India’s largest and most profitable banks, the State Bank of India, and Amundi, which is a French asset management company.
The SBI Mutual Fund was set up on June 29, 1987 and was incorporated on February 7, 1992. It was India’s second Mutual Fund after the Unit Trust of India started operations in 1963. In July 2004, SBI decided to divest 37% of the Fund and roped in Amundi as a partner.
Amundi is an asset management major created jointly by Crédit Agricole and Société Générale.
SBI MF has many firsts to its name. It was the first Indian Mutual Fund player to launch a ‘Contra’ fund, called the SBI Contra Fund. In 2013, SBI Mutual Fund India acquired Daiwa Mutual Fund, part of the Daiwa Group of Japan.
SBI Mutual Fund is the first in India to launch an ESG Fund. An acronym for Environment, Social and Governance, the fund provides resources for sustainable investment in major markets.
In 2015, the Employees’ Provident Fund of India invested Rs 5,000 Crore for the first time in a Mutual Fund in India via SBIMF Sensex ETFs or Exchange Traded Funds.
As of March 2022, the SBI Mutual Fund manages assets worth Rs. 647067.24 crores. In early 2019, it moved past Aditya Birla and HDFC Mutual Funds to emerge as the 3rd largest Mutual Fund body in India based on Assets under Management or AUM.
The SBI MF is registered with the Securities and Exchange Board of India or SEBI.