Nomura picks up 35 pc stake in LIC MF arms

  To this effect, all the three entities inked an agreement here on Saturday and announced the induction of Nomura AMC as a strategic partner in India in the presence of Nomura AMC President & CEO Atsushi Yoshikawa, Nomura Holdings’ Deputy President & COO Takumi Shibata and LIC Chairman T S Vijayan. 

However, the formation of the joint venture is subject to necessary regulatory and unit-holder clearances, which the partners will be seeking in due course.

Currently, LICMF AMC has Rs 32,414.92 crore of Average Assets under Management (AAuM) for the month of June 2009 as compared to Rs 18,633.46 crore a year ago. 

A top executive of LIC MF AMC pointed out that their AAuM have increased substantially from Rs 11,684.30 crore in November 2008 and with these assets under its management it is ranked 7th highest in terms of assets in the domestic asset management companies in India with a 4.8 per cent market share.

LIC is managing investments of over Rs 8,03,970 crore and individual life insurance policy covers of around 200 million.