A new report by Computer Age Management Services (CAMS) has revealed that 54% of first-time mutual funds investors over the last five financial years have been millennials. A total of 84.8 lakh new millennial investors have joined the mutual funds serviced by CAMS.
CAMS released the report, 'The emerging force of the millennial investor is here to stay & grow’ at the 17th CII Mutual Fund Summit held in Mumbai. The report includes actionable insights for asset managers, intermediaries, advisors and service partners, covering several key areas.
"The addition of millennials who formed 54% of the new investor base into mutual funds has been possible on the back of five key drivers- massive awareness campaigns, conducive market conditions, digital access, simplified KYC and concerted intermediation and advisory. AMCs, Intermediaries, Advisors and CAMS have the responsibility to give these investors a superior experience as they traverse the journey", said Managing Director of CAMS Anuj Kumar
CAMS released the report based on data from the mutual funds serviced by CAMS which account for 69% of the Indian mutual funds industry. As per the data a total of 1.57 crore new investors entered CAMS serviced Funds during FY19-FY23. Out of this, 54% that is 84.8 lakh were millennials. Of these 84.8 lakh, nearly 26% are women.
About 33 lakh have invested in more than one fund house over the last five years. The report also, mentioned that 85% of the new millennial entrants came from urban locations. The gross inflow across the five years were over ₹ 1,00,000 crore. Out of this, over ₹ 65,000 crore was into equity schemes.