Japan's Nomura Asset Management on Saturday announced it will acquire a 35% stake in India's LIC Mutual Fund for an undisclosed amount.
LIC Mutual Fund LICMF was established in 1989 by the Life Insurance Corporation of India LIC, India's largest life insurer which is government-owned.
LICMF had Rs324 billion $6.7 billion of assets under management AUM as of June 2009, up 74% from its AUM of Rs186 billion a year earlier. Based on its current holdings, LICMF is currently ranked seventh in the Indian asset management industry with a 4.8% market share. Parent company LIC manages investments of around $167 billion, through more than 200 million individual life insurance policies.
Nomura Asset Management Company...