Nomura Asset Management has agreed to purchase a 35 percent stake in LIC Mutual Fund Asset Management Company, a subsidiary of LIC.
LIC Mutual Fund Asset Management Company Limited was established by Life Insurance Corporation of India, India's largest life insurer.
This partnership between two leaders in their respective fields will combine the excellent track record and on-the-ground knowledge of LICMF AMC with the global research, product development and investment management capabilities of Nomura Asset Management.
Indian investors can look forward to an enhanced and differentiated offering of services and products from the joint venture.
The formation of the joint venture is subject to necessary regulatory and unit-holder approvals, which the partners will be seeking in due course.
"India is one of the fastest growing markets for asset management in Asia and is key to Nomura's push to be a world-class asset management firm with a strong competitive advantage in Japan and Asia. By building on LIC's outstanding brand image and customer network, we will be able to apply best practices to our combined business through our extensive experience as a global asset manager," said Mr. Atsushi Yoshikawa, President and CEO of Nomura Asset Management.
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