Currently, SBI, ICICI Securities Primary Dealership, Reliance Capital, HSBC AMC and UTI AMC are fund managers of the EPFO. : The country’s largest lender State Bank of India (SBI) will cease to be a fund manager of retirement fund body EPFO by March-end, as a bank cannot function as an asset management company under the RBI norms. “We have been told that SBI cannot work (as fund manager of the EPFO).