After the exit of its Japanese partner, LIC Nomura Mutual Fund is now LIC Mutual Fund.
Earlier, LIC AMC was jointly owned by LIC Housing Finance (20%), LIC of India (45%) and Nomura Asset Management (35%). Its Japanese partner Nomura exited by selling its 19.3% stake to LIC housing for Rs. 27 crore, said a press release issued by the company.
The new joint venture is formed with GIC Housing Finance and Corporation Bank along with existing partner LIC Housing Finance. The new shareholding pattern of the AMC is LIC (45%), LIC Housing Finance (39.30%), GIC Housing Finance (11.07%) and Corporation Bank (4%). The fund house has received approvals from SEBI and other regulatory bodies on this deal, said the release.
With the new partners coming on board, LIC MF has a new logo.
“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. 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 aspire to see our fund house amongst the top three players in next five years,” said Sarojini Dikhale, Whole-Time Director & CEO at LIC Mutual Fund.
“We are also focusing on going digital to bring the best value and convenience to our customers,” added Dikhale.
LIC MF manages AUM of Rs. 13,156 crore as on March 2016.
