Panaji
LIC Nomura Mutual Fund has got re-named to ‘LIC Mutual Fund’. In a press release, the company also announced that GIC Housing Finance Ltd and Corporation Bank are the two new partners in the joint venture.
LIC Housing Finance Ltd will continue with the partnership by enhancing its stake in the company. All approvals from securities and exchange board of India (SEBI) and other regulatory bodies concerned have been received.
LIC holds 45% stake in the asset management company, while LIC Housing Finance holds 39.3%, GIC Housing Finance holds 11.7% and Corporation Bank holds 4%.
S.K. Roy, chairman of LIC of India, the sole sponsor of LIC Mutual Fund, said “I along with my team members would like to thank Nomura for its valuable contribution to the business and extend them warm wishes and success in their future endeavors.
Roy continued, “We welcome our new partners in embarking this journey of evolution as we see this industry is in the cusp of growth and consolidation. We are confident that this re-invention of such an iconic brand will leverage its experienced and credible ethos, while still being relevant to present times for the smart young investors of today."
The fund house is expanding its reach through retail penetration. LIC Mutual Fund has emerged as one of the fastest growing mutual fund company in terms of assets under management by witnessing a significant 41.26% growth for the quarter Jan “March 2016 as compared to the previous year quarter Jan “March 2015.
