Mumbai, Oct 7, 2019:
Reliance
Mutual Fund today got renamed as Nippon India Mutual Fund. Nippon Life
Insurancehad recently completed the purchaseof 75% stake in company tobecome
the single largest shareholder in the company. This will also help Nippon India
Mutual Fundto leverage on the legacy and global expertise of Nippon Life
Insurance.
This has been one of
the largest FDI investments in the financial sector, and now, Nippon India
Mutual Fund is the largest foreign-owned Asset Management Company in India.
Sundeep Sikka
continues to lead company with same management team. This reflectsNippon Life
Insurance trust and confidence in the team that has steered in its growth
journey to be amongst one of the largest Mutual Funds in India.
Mr. Hiroshi Shimizu,
President, Nippon Life Insurance Company said “Indian Asset Management space is
quite attractive and has a long-term growth potential which is in line with our
goals. We believe that the core management team and the entire team at Nippon
India Mutual Fund will be key driver in the growth story.”
In Japan, about 1 out
of 12 is a policy holder of Nippon Life Insurance and they have similar vision
in India for their mutual fund business.
Speaking
on occasion, Mr. Sundeep Sikka, CEO of Nippon India Mutual Fund said “While the
company starts its journey with its new identity, the management team remains
committed to take it to next level of growth with the support of our investors
and stakeholders. It has always been a great opportunity to work with Nippon
Life, who have always held the investors interests in mind. Nippon Life
Insurance have been an extremely supportive shareholder for last 7 years and
this transaction would set the stage for the long-term growth of the company”.
He also added saying, “Company will continue its focus to increase market share
and increase in profitability”.