LIC Nomura MF plans slew of new funds this fiscal

LIC Nomura Mutual Fund, which has witnessed 47 per cent growth in average assets under management (AUM) in the March quarter, is planning to come up with a series of schemes in the new fiscal.
As per the fund house, its average AUM rose 47 per cent in the just-concluded quarter at Rs 10,584 crore over the same period last year.
"High level of growth in average AUM was possible due to better fund management and market-related returns to the investors and NFOs like capital protection-oriented funds, FMPs and RGESS Series 2 targeted at retail investors," LIC Nomura Chief Executive and Director Nilesh Sathe said.

He said the firm would come up with a series of fund launches in the current fiscal to sustain the momentum.
"In the new (fiscal) year the fund house has planned to launch more FMPs, a series of capital protection-oriented funds, RGESS series along with a couple of equity schemes."
The company is a tie-up between India's insurance major LIC and Japanese financial firm Nomura.