Reliance Mutual Fund is now Nippon India Mutual Fund.
With this, names of all the existing schemes have changed; instead of the prefix ‘Reliance’, each scheme will have ‘Nippon India’ with immediate effect. For instance, the name of “Reliance Growth Fund” is changed to “Nippon India Growth Fund”. Also, the name of “Reliance ETF” is changed to “Nippon India ETF”.
Earlier, Nippon Life Insurance of Japan has increased its stake in Reliance Nippon Life AMC to 75%.
Nippon has become the largest fund house backed by a foreign promoter. The 30-year-old Nippon Life Insurance manages assets of over USD 700 billion.
Currently, Nippon India Mutual Fund is the fifth largest fund house and manages AUM of Rs.2.03 lakh crore as on September 2019.
Sundeep Sikka, ED & CEO, Nippon India MF said that the company will focus on regaining its market share and profitability using risk management strategies of Nippon Life Insurance.
