Reliance Nippon Life bags mandate to manage ESIC funds

Mumbai : Reliance Nippon Life Asset Management on Thursday announced it has received a mandate from the Employees' State Insurance Corporation (ESIC) to manage its funds.

"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," said Sundeep Sikka, Executive Director and CEO, Reliance Nippon Life Asset Management, in a statement.

The total investment of ESIC as on 31.3.2017 stands at Rs 59,382 crore, the statement added.

The asset management company is a joint venture between homegrown Reliance Capital and Japan's Nippon Life Insurance.

The fund manager received the mandate from ESIC after a competitive technical and financial bidding process.

RNAM is currently managing, among others, funds of state-tun Employees' Provident Fund Organization and The Coal Mines Provident Fund Organization.

As of June, the company had total assets worth Rs 4.10 lakh crore under its management.