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Japanese financial company Nomura has fully exited its mutual fund joint venture with state-run insurer LIC, the latter announced in a press release today. As a result, LIC Nomura Mutual Fund has now been renamed LIC Mutual Fund.
According to the note, the shareholding pattern of the new AMC is: LIC – 45 per cent, LIC Housing Finance Ltd - 39.3 per cent, GIC Housing Finance - 11.7 per cent and Corporation Bank – 4 per cent. Earlier, Nomura held 35 per cent stake in the asset management company.
“We have seen a reasonable business growth for last two years and we are confident of becoming a preferred and trusted investment partner for the investing public,” Sarojini Dikhale, Whole-Time Director & CEO at LIC Mutual Fund Asset Management Ltd, said in the note. “As a part of the process, we have strengthened our core team by appointing experts from the industry and given the synergies of the new partnership, we would aspire to see our fund house amongst top three players in next five years,” she added.
As of March 2016, LIC Nomura Mutual Fund managed assets of about Rs 13.156 crore, according to the Association of Mutual Funds in India.
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