Anil Ambani-owned Nippon Life Asset Management on Thursday, October 11, announced that it will be managing Employees' State Insurance Corporation (ESIC) 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 asset management company is a joint venture between homegrown Reliance Capital and Japan’s Nippon Life Insurance
The total investment of ESIC as on 31.3.2017 stands at ₹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. Reliance Nippon Life Asset Management is currently managing, among others, funds of state-tun Employees' Provident Fund Organisation and The Coal Mines Provident Fund Organisation.
As of June, the company had total assets worth ₹4.10 lakh crore under its management.