On 13 July Nomura Asset Management, a wholly owned subsidiary of Nomura Holdings, announced that it has agreed to purchase a 35% stake in LIC Mutual Fund Asset Management Company, a subsidiary of the Life Insurance Corporation of India (LIC), India’s largest life insurer.
This partnership will combine the local market knowledge of LIC with the global research, product development and investment management capabilities of Nomura. The two companies say Indian investors can anticipate an enhanced and differentiated offering of services and products from the joint venture. LIC manages investments of around US$167 billion and individual life insurance policies worth over US$200 million. Until recently it was the only provider of life insurance in India.
Established by LIC in 1989, LIC Mutual Fund is one of the oldest mutual funds in India. In June it had US$6.6 billion of Average Assets Under Management (AauM), placing it in seventh position in the Indian asset management industry, with a 4.8% market share.
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