In a significant fillip to Anil Ambani-run Reliance Nippon Life Asset administration, the agency has acquired the mandate from Employees’ State Insurance Corporation (ESIC) to manage its funds. Notably, the whole funding 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 mentioned in a launch. The mandate was awarded to the agency, after contemplating varied components together with the corporate’s expertise in managing debt funds, observe document in managing related funds, operational processes, danger administration practices and monetary power, mentioned the agency in its press launch.
Interestingly, the mutual fund firm 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 turning into the one asset supervisor to manage all of the 4 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, mentioned. The agency has a complete AUM of Rs. 4.10 lakh crore and had 83 lakh investor folios as of June 2018, with a observe document spanning greater than over 22 years.