Reliance Nippon Life Asset Management receives mandate from ESIC to manage its fundsReliance Nippon Life Asset Management (RNAM), the asset management joint venture of Reliance Capital and Nippon Life Insurance of Japan, announced it has received mandate from the Employees' State Insurance Corporation (ESIC) to manage its funds.
RNAM has been awarded this prestigious mandate after successfully fulfilling an independent competitive technical and financial bidding process. The mandate was awarded 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.
RNAM 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.
Sundeep Sikka, ED & CEO, RNAM, said, "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."
RNAM managed total assets of ~Rs. 4.10 Lac Cr and had 83 Lac investor folios as of June 2018, and has a track record of over 22 years.
Shares of Reliance Nippon Life Asset Management Ltd was last trading in BSE at Rs.155.35 as compared to the previous close of Rs. 148.3. The total number of shares traded during the day was 13392 in over 456 trades.
The stock hit an intraday high of Rs. 156.7 and intraday low of 145.9. The net turnover during the day was Rs. 2053175.