The Japanese financial company Nomura has announced fully departure of its mutual fund joint venture with insurance giant Life Insurance Corporation of India (LIC). As a result, LIC Nomura Mutual Fund has now been renamed LIC Mutual Fund. LIC were entered into a joint venture with Japans leading financial services conglomerate Nomura Asset Management Strategic Investments Pvt. Ltd. (Nomura) on 18th January 2011.
As per the Association of Mutual Funds in India, LIC Nomura Mutual Fund managed assets of about Rs. 13.156 crore as of March 2016 and according to the officials release, the existing shareholding pattern of the new Asset Management Companies Limited (AMC) is LIC – 45 per cent, LIC Housing Finance Ltd – 39.3 per cent, GIC Housing Finance – 11.7 per cent and Corporation Bank – 4 per cent. Earlier, Nomura held 35 per cent stake in the asset management company.
So let’s discuss some questions related to this post :
1. Name the Financial company which has announced its fully departure of its mutual fund joint venture with insurance giant LIC ?
2. Nomura Asset Management Strategic Investments Pvt. Ltd was holding how much percent of stake in asset management company ?