Life Insurance Corporation of India Mutual Fund (LIC MF) and Nomura Asset Management Company of Japan are entering into a joint venture for adoption of better technology and management of funds.
The approval from the regulatory authorities has been obtained and completion of other formalities isunder process, according to Mr Ravi Chaudary, Chief Marketing Officer, LIC MF.
Addressing the press, after inaugurating the new area office of LIC MF here on Wednesday, he said that the Fund enjoyed a market share of 5.66 per cent and was in the 6 {+t} {+h} position in the country with funds under management to the tune of Rs 42,303.96 crore, spread across 27 products, as at the end of March 2010.
The year on growth has been 83.19 per cent, much higher than the industry growth at 51.6 per cent, he said.
The awareness level about the advantages of the mutual fund is still to spread and LIC MF has taken seriously the education of investors, conducting the programmes in vernacular languages in different parts of the country, to reach out especially the small and medium investors, he further said.
Currently, there are 26 Area offices and 4 more would be coming up shortly. There are plans to open 100 business centres.
A Web site is also to be launched shortly.
Source: http://www.thehindubusinessline.com/2010/05/29/stories/2010052952661300.htm
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