DSP BlackRock to foray in NPS
The fund house has received an in-principle approval from PRDA to act as a fund manager for National Pension Scheme (NPS).
DSP BlackRock has received an in-principle approval from pension fund regular PFRDA for managing NPS corpus, confirmed a source at the fund house.
Currently seven firms manage private and government retirement corpus - LIC, SBI, UTI, IDFC, ICICI, Kotak Mahindra and Reliance Capital.
NPS was initially launched for central government employees and later extended to all citizens from May 2009. According to PFRDA, NPS has 38.28 lakh subscribers with assets under management of Rs 21638 crore as on September 2012.
PFRDA
had recently revised the fund management fee to 0.25% p.a. of the AUM from 1st
November 2012. Fund managers are to revise the investment management fee once
in a year.
