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Reliance Nippon Life bags mandate to manage ESIC funds
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SME Times News Bureau | 11 Oct, 2018
Reliance Nippon Life Asset Management on Thursday announced it has
received a mandate from the Employees' State Insurance Corporation
(ESIC) to manage its funds.
"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," said
Sundeep Sikka, Executive Director and CEO, Reliance Nippon Life Asset
Management, in a statement.
The total investment of ESIC as on 31.3.2017 stands at Rs 59,382 crore, the statement added.
The asset management company is a joint venture between homegrown Reliance Capital and Japan's Nippon Life Insurance.
The fund manager received the mandate from ESIC after a competitive technical and financial bidding process.
RNAM
is currently managing, among others, funds of state-tun 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 management.
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