Aditya Birla Sun Life AMC - Highest Return Ratio Listed Asset Manager: Yes Securities Initiates Coverage
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Yes Securities Report
We examined, carefully, the asset management sector, taking a comprehensive look at the four listed asset managers and SBI MF. We liked the thesis around Aditya Birla Sun Life AMC Ltd. due to the following reasons:
a number of factors, including the Aditya Birla brand, have come together to establish an individual investor franchise, driving profitability,
the lack of a bank sponsor has not held back growth due to a strong distribution network of banks, national distributors and mutual fund distributors, along with other factors,
healthy share of systematic investment plan book in assets under management is indicative of greater stickiness in revenue and strong focus on underlying drivers,
effective cost control demonstrated by comparably lower cost to AUM,
strength in fixed income business complements the equity business,
while we acknowledge competitive pressure in the industry, we think the overall size of the pie will continue to rise.
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