ICICI Prudential AMC has won the mandate from Department of Investment and Public Asset Management, Ministry of Finance for launching a new ETF for listed CPSEs and other corporate entities, said a press release issued by the company today.
Commenting on this appointment, Nimesh Shah, MD & CEO, ICICI Prudential AMC said, “The appointment of ICICI Prudential AMC as an asset manager for the ETF is an important milestone for us. We have been considered as a trustworthy asset manager by domestic investors as well as foreign institutional clients on the active management space and are building on our current position in the ETF segment”.
The appointment criteria and evaluation process has been very rigorous comprising both technical and financial criteria, said the release. Besides ICICI, six more fund houses were reportedly in the race to win this mandate.
The government’s first CPSE ETF was launched by Goldman Sachs AMC in April 2014 which will now be managed by Reliance MF. The ETF had raised Rs. 3,000 crore.
ICICI Prudential AMC currently manages Rs. 2.17 lakh crore as on August 31, 2016.
