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Reliance Nippon Life Asset Management has received the mandate from Employees’ State Insurance Corporation to manage its funds.
The fund house was awarded the mandate after fulfilling an independent competitive technical and financial bidding process. The selection process included the company’s experience in managing debt funds, track record in handling similar funds, operational processes, risk management practices and financial strength. The total investment of ESIC stood at ₹59,382 crore as on March, 2017.
The asset management company already manages investments of EPFO, Coal Mines Provident Fund Organisation, and PFRDA, thus becoming the only asset manager to manage all the four prestigious mandates, said RNAM in a statement on Thursday.
Sundeep Sikka, CEO, RNAM, said the fresh mandate reaffirms the asset management company’s strong investment processes and consistent track record of delivering returns.
The fund house, which has a track record of 22 years, manages total assets of ₹4.10 lakh crore and had 83 lakh investor folios as of June. Shares of Reliance Nippon Life AMC were down 0.68 per cent at ₹154 on Thursday.
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