Nomura buys stake in India's LIC Mutual Fund
Nomura Asset Management makes a move into India, buying a 35% stake in the mutual fund business run by India's largest insurer.
Japan's Nomura Asset Management on Saturday announced it will acquire a 35% stake in India's LIC Mutual Fund for an undisclosed amount.LIC Mutual Fund (LICMF) was established in 1989 by the Life Insurance Corporation of India (LIC), India's largest life insurer which is government-owned. LICMF had Rs324 billion ($6.7 billion) of assets under management (AUM) as of June 2009, up 74% from its AUM of Rs186 billion a year earlier. Based on its current holdings, LICMF is currently ranked s…
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