Reliance Nippon Life Asset Management (RNAM), the fund management company which is a joint venture between Reliance Capital and Japan’s Nippon Life Insurance, has received a mandate from the Employees’ State Insurance Corporation (ESIC) to manage its funds it announced on Thursday.
Sundeep Sikka, Executive Director and CEO, Reliance Nippon Life Asset Management said in a statement, “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.”
The total investment of ESIC as on March 31, 2017, stands at Rs 59,382 crore, the statement added.
The asset management company received the mandate from ESIC after a competitive technical and financial bidding process say reports.
RNAM is currently managing, among others, funds of state-run Employees’ Provident Fund Organization and The Coal Mines Provident Fund Organization.
As of June, the company had total assets worth Rs 4.10 lakh crore under its control.
(With agency inputs)