Nomura to purchase 35% stake in LIC Mutual Fund Asset Management Company


Nomura Asset Management, a wholly owned subsidiary of Nomura Holdings, Inc has agreed to purchase a 35 percent stake in LIC Mutual Fund Asset Management Company, a subsidiary of Life Insurance Corporation of India (LIC), India's largest life insurer. The formation of the joint venture is subject to necessary regulatory and unit-holder approvals, which the partners will be seeking in due course.

This partnership between two leaders in their respective fields is expected to combine the track record and on-the-ground knowledge of LICMF AMC with the global research, product development and investment management capabilities of Nomura Asset Management.

LIC Mutual Fund Asset Management Company was established in 1989 by Life Insurance Corporation of India (LIC). LICMF AMC had 324.1 billion rupees of Average Assets Under Management (AAuM) for the month of June 2009 and is ranked 7th in the Indian asset management industry with a 4.8% market share.

Nomura Asset Management, a wholly owned subsidiary of Nomura Holdings, is one of the leading Japanese and Asian fund managers with 18,950.2 billion yen (approx. US$ 192 billion) of assets under management as of March 31, 2009.

Click here for list of Insurance Companies in India
Click here for more Insurance News
CLICK FOR MORE FEATURES & STORIES





                

 

 

              Google
 
Web banknetindia.com

      Banking | Technology | Finance | Advertise | Terms of use | Disclaimer | Contact us
                         Banknet India | All rights reserved worldwide.