Reliance Nippon Life Asset Management receives mandate from ESIC to manage its funds
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Reliance Nippon Life Asset Management receives mandate from ESIC to manage its funds

Mumbai, Oct 11: Adag Group Company Reliance Nippon Life Asset Management today said that company has received mandate from Employees' State Insurance Corporation (ESIC) to manage its funds.

Reliance Nippon Life Asset Management (RNAM), the asset management joint venture of Reliance Capital and Nippon Life Insurance of Japan, said in filing with BSE today 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 lakh crore and had 83 lakh investor folios as of June 2018, and a track record of over 22 years. (UNI)