LIC Mutual Fund and Nomura have announced the launch of LIC Nomura Mutual Fund. In a function held in Mumbai, Shri Namo Narain Meena, Honourable Minister of State for Finance, Government of India, unveiled the company's new logo.
LIC Mutual Fund Trustee Company Private Limited and LIC Mutual Fund Asset Management Company Limited (LIC MF) have entered into a joint venture with Nomura Asset Management Company Ltd. This is pursuant to Nomura having acquired 35% of the fully paid-up equity share capital of both LIC MF AMC and the Trustee Company. LIC Mutual Fund Trustee Company Pvt. Ltd. has now been renamed LIC NOMURA Mutual Fund Trustee Company Pvt. Ltd., while LIC Mutual Fund Asset Management Company Ltd. will now be known as LIC Nomura Mutual Fund Asset Management Company Ltd.
"This partnership will help the investors in our Mutual Fund as they will get the benefit of the expertise and global experience of Nomura along with the well established trustworthiness of the LIC name." said Mr. T. S. Vijayan, Chairman, LIC Nomura Mutual Fund Asset Management Company Ltd. while speaking in the function.
"The joining of hands of LIC and Nomura, two leaders in their respective fields, will be a coming together of the excellent track-record and on-the-ground knowledge of LIC MF AMC with the global research, product development and investment management capabilities of Nomura Asset Management. With these enhanced capabilities, LIC Nomura Mutual Fund AMC will be well positioned to move further up the ranks of asset management companies in India and into a dominant position in the near future." said Mr. Takumi Shibata, Deputy President and Chief Operating Officer of Nomura Holdings.
Mr. Thomas Mathew T., Chairman, LIC Nomura MF Trustee Co. Pvt. Ltd., spoke of the strengthening of both the product range and service delivery that will result from this joint venture.
"Nomura Asset Management has a long history in the mutual fund business. We have solid expertise and skills in the management of many asset classes including global equity and fixed income products. We are immensely happy to bring our business experience to India through our joint venture LIC Nomura." said Mr. Atsushi Yoshikawa, President and CEO, Nomura Asset Management.
"This is a significant landmark and will be a combination of the strengths and expertise of both LIC and Nomura. India is a market of key strategic importance to Nomura. This joint venture further strengthens Nomura's commitment to India." said Mr. Vikas Sharma, President and CEO of Nomura Financial Advisory & Securities.
The primary objective underlying the joint venture between Nomura and LIC Mutual Fund is to leverage the respective business skills, know-how, experience and expertise of both parties to maximize the potential of LIC Nomura MF AMC.
Going forward, Nomura will provide and procure for LIC Nomura MF AMC its expertise on various matters such as structuring the nature and standards of operations for risk management, equity/debt/investment research, information technology operations, compliance and distribution of LIC NOMURA MF AMC's products to overseas investors to enhance the customer base. Indian investors can look forward to an enhanced and differentiated offering of services and products from the joint venture.
Source: http://www.indiainfoline.com/Markets/News/LIC-Mutual-Fund-is-Now-LIC-Nomura-Mutual-Fund/3629557008
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