Reliance Nippon Life Asset Management Ltd. (RNAM), the asset management joint venture of Reliance Capital and Nippon Life Insurance of Japan, has announced it has received the mandate from the Employees’ State Insurance Corporation (ESIC) to manage its funds.
It is understood that RNAM pipped HDFC MF, UTI MF and HSBC AMC to get the government’s Rs 60,000 crore ESIC mandate.
RNAM has been awarded this prestigious mandate after successfully fulfilling an independent competitive technical and financial bidding process, the company said.
The mandate was awarded after considering various factors including the company’s experience in managing debt funds, track record in managing similar funds, operational processes, risk management practices and financial strength, it added.
RNAM already manages mandates from Employees’ Provident Fund Organisation (EPFO), The Coal Mines Provident Fund Organisation (CMPFO) and The Pension Fund Regulatory and Development Authority (PFRDA), consequently becoming the only asset manager to manage all the four prestigious mandates.
Sundeep Sikka, ED & CEO, RNAM, said, “We are particularly proud to have received this mandate, which is a reaffirmation of our strong investment processes and consistent track record of delivering returns.”
RNAM managed total assets of Rs Rs. 4.10 lakh crore and had 83 lakh investor folios as of June 2018, and has a track record of over 22 years. It is one of the largest asset managers in India, managing (directly & indirectly) assets across mutual funds, pension funds, managed accounts, alternative investments and offshore funds.
RNAM is the asset manager of Reliance Mutual Fund (RMF) schemes.
RNAM acts as the advisor for India focused Equity and Fixed Income funds [in Japan (launched by Nissay Asset Management) and Korea (launched by Samsung Asset Management)]. RNAM also manages offshore funds through its subsidiaries in Singapore and Mauritius thereby catering to investors across Asia, Middle East, UK, US, and Europe.