Prudent Surpasses Landmark Rs 1 Lakh Crore in Mutual Fund Assets Under Management

Prudent Corporate Advisory Services Limited (Prudent), one of India's leading diversified financial services groups, announces that its Assets Under Management (AUM) have surpassed the 1 Lakh Crore mark as of July 26, 2024. Prudent becomes the 2nd non-banking mutual fund distributor to achieve this milestone. This significant achievement represents a 5x increase in Equity AUM over the past five years. Prudent's industry ranking for mutual fund commissions received has climbed from 8th place five years ago to an impressive 4th place, surpassing some of the nation's largest banks. The monthly SIP flow has significantly grown to Rs 800 crores in July 2024. Prudent attributes this growth to its network of over 30,000 partners and more than 17 lakh investors.

Commenting on the milestone, Mr Sanjay Shah, Chairman & Managing Director of Prudent Group stated "This has been a remarkable journey and would not have been possible without the support of our partners, investors, and the Prudent team. As we celebrate this achievement, we are more excited about the future of the mutual fund industry. With only 4.69 crore unique mutual fund investors in a population exceeding 140 crore, the industry's focu towards 'Har Ghar SIP' is set to drive significant growth in these numbers.

The most satisfying part of this Rs 1 lakh crore for me is that we are helping our 17+ lakh investors achieve financial freedom. Thank you to everyone who has contributed to this milestone; the journey to even greater heights begins now".

Mr Shirish Patel, Chief Executive Officer (CEO) of Prudent Group stated "The Rs 1 Lakh Crore mutual fund AUM is a testament that Mutual Fund distributors find immense value in partnering with Prudent due to our technology offerings & physical on-ground support.

Our comprehensive platform offers mutual fund products, as well as Insurance, Broking, PMS, AIF, Peer to Peer Lending, Corporate Fixed Deposits, Primary & Secondary Bonds, and Smallcase, enabling our MFDs to meet all client needs under one roof. This integrated approach strengthens our partnership with MFDs and empowers them to expand their revenue streams.

Today, distributors play a pivotal role beyond investment facilitation. They assist clients in defining financial goals, assessing risks, selecting suitable assets, and providing behavioral coaching to ensure clients stay on course with their financial plans. This added value is evident with distributors managing 79% of the industry's individual equity AUM. Distributors are the backbone of our industry, and I encourage more professionals to embrace this fulfilling career path, offering abundant opportunities to positively impact clients' financial futures."

Shares of Prudent Corporate Advisory Services Limited was last trading in BSE at Rs. 2357.25 as compared to the previous close of Rs. 2258.35. The total number of shares traded during the day was 11011 in over 2545 trades.

The stock hit an intraday high of Rs. 2364.55 and intraday low of 2247.25. The net turnover during the day was Rs. 25648734.00.

Source : Equity Bulls

Keywords

PrudentCorporateAdvisoryServices FinancialProductsDistributor INE00F201020 MutualFund AUM