Nomura exits mutual fund JV with LIC

Posted on:19 May 2016 14:30:45
Nomura exits mutual fund JV with LIC
19 May 2016 Current Affairs: Japanese financial company Nomura has fully exited its mutual fund joint venture with state-run insurer LIC.IC Nomura Mutual Fund has now been renamed LIC Mutual Fund.

According to the note, the shareholding pattern of the new AMC is: LIC –45 per cent, LIC Housing Finance Ltd - 39.3 per cent, GIC Housing Finance - 11.7 per cent and Corporation Bank  4 per cent. Earlier, Nomura held 35 per cent stake in the asset management company.

As of March 2016, LIC Nomura Mutual Fund managed assets of about Rs. 13.156 crore, according to the Association of Mutual Funds in India.

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