Anil Ambani-run Reliance Nippon Life Asset Management has received the mandate from Employees’ State Insurance Corporation to manage its funds. The total investment of ESIC stood at Rs 59,382 crore as on March 31, 2017.
In a major fillip to Anil Ambani-run Reliance Nippon Life Asset management, the firm has received the mandate from Employees’ State Insurance Corporation (ESIC) to manage its funds. Notably, the total investment of ESIC stood at Rs 59,382 crore as on March 31, 2017.
“RNAM has been awarded this prestigious mandate after successfully fulfilling an independent competitive technical and financial bidding process,” Reliance Capital said in a release. The mandate was awarded to the firm, after considering various factors including the company’s experience in managing debt funds, track record in managing similar funds, operational processes, risk management practices and financial strength, said the firm in its press release.
Interestingly, the mutual fund company already manages mandates from Employees’ Provident Fund Organization (EPFO), The Coal Mines Provident Fund Organization (CMPFO) and The Pension Fund Regulatory and Development Authority (PFRDA), thus becoming the only asset manager to manage all the four prestigious mandates.
“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,” Sundeep Sikka, ED & CEO, RNAM, said. The firm has a total AUM of Rs. 4.10 lakh crore and had 83 lakh investor folios as of June 2018, with a track record spanning more than over 22 years.