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Monday, July 13, 2009

Nomura to acquire stake in LIC Mutual Fund AMC

Agreed 35% stake in LIC MF AMC

Nomura Asset Management Co., Ltd., a wholly owned subsidiary of Nomura Holdings, Inc., and LIC Mutual Fund Asset Management Company Limited (LICMF AMC), established by Life Insurance Corporation of India (LIC), has announced that Nomura Asset Management has agreed to purchase a 35% stake in LIC Mutual Fund Asset Management Company, a subsidiary of LIC. The formation of the joint venture is subject to necessary regulatory and unit-holder approvals, which the partners will be seeking in due course.

Commenting on the announcement, Mr. Atsushi Yoshikawa, President and CEO of Nomura Asset Management, said: "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."

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.

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