Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
Stock Analysis, IPO, Mutual Funds, Bonds & More

Reliance Mutual Fund renamed as Nippon India Mutual Fund

Nippon India Mutual Fund becomes the largest foreign-owned AMC in India.|
Oct 07, 2019, 02.35 PM IST
Mutual Funds
Some of the large fund houses such as Nippon India MF, Axis MF, UTI MF and Franklin Templeton witnessed a decline in their AUMs.
Mumbai: Reliance Mutual Fund has been renamed as Nippon India Mutual Fund, the company said in a statement on Monday.

The asset management company said that Sundeep Sikka will continue to lead the company with the same management team.

Nippon India Mutual Fund becomes the largest foreign-owned AMC in India, wherein Japan’s largest life insurance company Nippon Life Insurance currently holds 75 per cent stake.

Nippon Life Insurance announced the integration of Nippon India Mutual Fund into their global unified asset management fold, by becoming the single largest shareholder in the company.

Nippon Life has just upped its stake to 75 per cent in the company, allowing Anil Ambani-promoted Reliance Capital an exit from the mutual funds business.

Reliance Capital had announced in May that it had signed binding definitive agreements with Nippon Life Insurance of Japan. Under the deal, Reliance Capital will exit the mutual funds business by selling its stake in Reliance Nippon Asset Management to Nippon Life Insurance.

At the time of announcement, both partners held 42.88 per cent stake each in the company, while the rest was with public shareholders.
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links

Follow us on

Download et app

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service