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NEARLY one-and-half year after they announced the deal, LIC Mutual Fund and Nomura are slated to formalise their joint venture in a months time following approvals from regulators, officials from the two companies confirmed the development.
The re-branding exercise of the joint venture is currently in final stages and it is learnt that the joint venture will be known as `LIC Nomura Mutual Fund.' The two parties had announced the agreement in July 2009 whereby Japan based Nomura Asset Management Company would acquire 35 per cent stake in LIC Mutual fund. They have been waiting for regulatory approvals from RBI and Sebi to happen.
"We are going to make public our agreement in about a months time," a LIC Mutual Fund official told Financial Chronicle on Wednesday.
LIC Mutual Fund is strong on debt side, now with Nomura joining hands the company will ramp up equity side, the official said.
It is learnt that there are several business plans on the drawing board on equity side that will be taken up, once the joint venture is formalised post regulatory nod. Another person familiar with the development said, "All the approvals are in place."
LIC Mutual Fund's average asset under management for the quarter of October-December 2010 is Rs 18694.79 crore as per the data provided by Association of Mutual Funds in India.
Nomura Asset Management Company is a wholly owned subsidiary of Nomura Holdings of Japan, a leading Japanese and Asian fund manager.
The joint venture will be known as `LIC Nomura Mutual Fund.' The two parties had announced the agreement in July 2009 Nomura AMC would acquire 35 per cent stake in LIC Mutual fund
Source :-mydigitalfc |
