Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

Reliance Mutual Fund renamed as Nippon India Mutual Fund

Posted On: 2019-10-07 13:50:09

Nippon Life Insurance, Japan's largest Life Insurance company and a global financial services conglomerate today announced the integration of Nippon India Mutual Fund (erstwhile Reliance Mutual Fund) into their global unified Asset management fold, by becoming the single largest shareholder in the company. Change in Reliance Nippon Life Asset Management (RNAM) name will follow soon.

Nippon Life Insurance, a 130-year-old financial services conglomerate with significant global presence has over USD 700 Bn in AUM, which is more than the size of the Indian Asset management Industry and currently holds 75% shareholding in the company.

Mr. Hiroshi Shimizu, President, Nippon Life Insurance Company said "We had initially invested in Indian life insurance business in 2011 and Indian asset management business in 2012. We had entered India at right time in both asset management and life insurance businesses with long term vision and the completion of this transaction echoes our commitment for India. Indian Asset Management space is quite attractive and has a long-term growth potential which is in line with our goals. We believe that the core management team and the entire team at Nippon India Mutual Fund will be key driver in the growth story."

He further added saying, "We will provide full support to expand International and Alternate business by leveraging our Global network. We remain committed for the success of India business both in domestic and international markets. We are also very keen to incorporate more of global expertise into the mix and further improve upon processes in a steady manner wherever it helps - especially areas such as risk management and governance practices."

In Japan, about 1 out of 12 is a policy holder of Nippon Life Insurance and they have similar vision in India for their mutual fund business.

Speaking on the occasion, Mr. Sundeep Sikka, ED and CEO, Nippon India Mutual Fund said "I am extremely privileged to be part of the global conglomerate and while the company starts its journey with its new identity, the management team remains committed to take it to next level of growth with the support of our investors and stakeholders. It has always been a great opportunity to work with Nippon Life, who have always held the investors interests in mind. Nippon Life Insurance has been an extremely supportive shareholder for last 7 years and this transaction would set the stage for the long-term growth of the company". He also added saying, "Company will continue its focus to increase market share and increase in profitability".

Shares of Reliance Nippon Life Asset Management Ltd was last trading in BSE at Rs.271.1 as compared to the previous close of Rs. 272.8. The total number of shares traded during the day was 86725 in over 1763 trades.

The stock hit an intraday high of Rs. 278.5 and intraday low of 269.1. The net turnover during the day was Rs. 23749086.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

Rain Industries Ltd Q4 Consolidated PAT climbs to Rs. 114.76 crore

Affle to acquire Mediasmart, a mobile programmatic and proximity marketing company in Europe

India Motor Parts & Accessories Ltd Board declares Interim Dividend of Rs. 10

CreditAccess Grameen Ltd allots 800 NCDs

Birla Precision Technologies Ltd board to consider allotment of 2322007 shares

Brickwork Ratings update on JSW Energy Ltd's credit rating

PNC Infratech Limited board to consider interim dividend on Mar 9, 2020

TVS Electronics Ltd board to approve interim dividend for FY20

JK Cement Ltd board declares interim dividend of Rs. 7.50

Sudarshan Chemical Industries Ltd Board approves interim dividend of Rs. 6.30

PNC Infratech Received LOA from NHAI for HAM Project of Rs. 1602 crore

Manaksia Ltd board declares interim dividend of Rs. 7.50 for 2019-20

Siyaram Silk Mills Ltd board to consider 2nd interim dividend on Mar 7, 2020

Pidilite Industries Ltd board to consider interim dividend on Mar 5, 2020

HUDCO approves annual resource programme of Rs. 28000 crore

Shanthi Gears Ltd board declares interim dividend of Rs. 2

Hexaware Hosts the Digital Insurance Practitioner Summit 2020 at New York

ONGC board to consider interim dividend on Mar 4, 2020

Aban Offshore Limited updates on CARE ratings

Dr. Reddy's Laboratories Ltd gets 2 observations for Formulations Plant - 3 at Bachupally, Hyderabad

National Fertilizers Ltd board to consider interim dividend on Mar 9, 2020

Varanasi gets its first Shoppers Stop!

Motherson Sumi Systems Limited board declares interim dividend of Rs. 1.50

Future Supply Chain Receives ISO 22000 Food Safety Management System Certification

TCS Recognized as a Leader in Property & Casualty Insurance Application and Digital Services by Everest Group

Orbit Exports Ltd board to consider interim dividend on Mar 6, 2020

Visaka Industries Ltd board approves 2nd interim dividend of Rs. 5

Deccan Cements Ltd board approves interim dividend of Rs. 4

KIOCL Ltd receives environmental clearance for Non-Recovery Coke Oven Plant with Cogen Captive Power Plant and DISP

Apar Industries Ltd board declares interim dividend of Rs. 9.50

Heritage Foods Ltd to sell all tangible assets of dairy plant in Punjab

PVR Ltd board declares interim dividend of Rs. 4

Faze Three Autofab Limited's rating outlook revised to 'Stable'; ratings reaffirmed

CARE revises credit ratings of Shakti Pumps India Ltd

Insilco Ltd update on suspension of plant operations

Tribhovandas Bhimji Zaveri Ltd board to consider interim dividend on Mar 11, 2020

AIA Engineering Ltd board to consider interim dividend for FY20

Supreme Industries Ltd board declares 2nd interim dividend of Rs. 10

Caplin Point Laboratories Ltd board to consider interim dividend on Mar 4, 2020

TVS Motor Company inaugurates its flagship showroom in El Salvador

L&T-built Fifth Offshore Patrol Vessel ICGS Varad Commissioned for Indian Coast Guard

Tube Investments of India Ltd Board approves interim dividend of Rs. 3.50 for FY20

Shriram Transport Finance Company Ltd to consider fund raising proposal

Kanchi Karpooram Ltd board to consider interim dividend on Mar 9, 2020

NTPC commissions 250 MW unit of Barauni Thermal Power Station Stage-II

Godrej Properties adds a new residential project in Chandivali, Mumbai

HCL Foundation announces winners of fifth edition of HCL Grant

KSB Ltd Q4 PAT rises to Rs. 30.5 crore

IndusInd Bank Ltd approves appointment of Mr. Sumant Kathpalia as MD & CEO

IndiGo partners with HDFC Bank to launch its first credit card 'Ka-ching', powered by Mastercard

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019