The number of people working in the mutual fund industry is increasing rapidly. In the financial year 2018-19, the number of people working in this industry has increased by 28 percent. Despite the weakness in the financial markets, the demand for industry products has not decreased.
Fund managers believe that the mutual fund industry has the advantage of reaching small cities, due to which it has been able to increase its staff strength. However, he believes that the recruitment rate may decline in FY 2019-20.
According to some reports, a workforce-related firm, the number of staff in ICICI Prudential Mutual Fund has risen 62 percent to 2,100 in FY 2018-19, while the number of people working in HDFC asset management company has increased by 25 percent. With 1,600. Similarly, the staff strength in Reliance Nippon Life Mutual Fund rose by 26 percent to 1,700 during the last financial year while those working in SBI Mutual Fund crossed 31 percent to 1,700.
According to the reports, the mutual fund industry had given 8 to 12 percent internal increments during FY 2018-19. Apart from this, companies also gave a hike of 20 to 30 percent to the people coming from outside.
Domestic fund houses are increasing the focus on retail assets in the Indian market so that they can increase their stake beyond the top-30 cities. “We have added 120 locations and we are present in 300 Indian regions,” said Sandeep Sikka, CEO of Reliance Nippon AMC. He said, ‘As we grow in remote areas, our market will grow in India and new customers will also be added to the mutual fund industry. The workforce will be needed to strengthen this growth. There are only two crore mutual fund investors in a country with a population of 130 crores. There are many opportunities in this industry.
According to estimates by Amphi-BCG, the mutual fund industry wants to increase the investor base from 2 crores to 10 crores in the next two decades. Also, she wants to increase her asset under management (AUM) to four times from Rs 25 lakh crore to Rs 100 lakh crore.
Aditya Birla Sun Life AMC CEO A Balasubramanian said, ‘We are present in 300 areas of the country. We are committed to expanding the mutual fund industry in India. We are recruiting people every year. We aim to have a presence in all 543 Lok Sabha constituencies.
Investment in mutual funds has grown at a rapid pace in FY 2018-19. During this period, 1.11 crore folios have been added, taking its total number to 8.24 crore. Annual SIP investment stood at Rs 93,000 crore in FY 2018-19, up from Rs 44,000 crore in FY 2016-17.