Japanese firm Nomura has exited from its JV with LIC Mutual Fund. LIC Nomura Mutual Fund is again being positioned as LIC Mutual Fund -- the original name it had before Nomura came in with 35 per cent stake in the joint venture.
There are now two new partners in LIC Mutual fund - GIC Housing Finance and Corporation Bank with 11.7 per cent and 4 per cent stake, respectively. Meanwhile, the existing partner LIC Housing Finance has picked up another 19.3 per cent stake to reach 39.3 per cent in the company. The rest 45 per cent is owned by the parent firm Life Corporation of India.
Sarojini Dikhale, whole time director and CEO of LIC Mutual Fund, said, "We have seen a reasonable business growth for last 2 years and we are confident of becoming a preferred and trusted investment partner for the investing public. As a part of the process, we have strengthened our core team by appointing experts from the industry and given the synergies of the new partnership, we would aspire to see our fund house amongst top 3 players in next 5 years."