Acche Din: Anil Ambani’s Reliance Mutual Fund Company Now Manages EPFO, CMPDO, PFRDA & ESIC Funds
Reliance Nippon Life Asset Management was awarded with the mandate to manage ESIC funds, worth almost Rs 60,000 crore.
Anil Ambani-owned Reliance Nippon Life Asset Management on Thursday, announced that it will be managing Employees’ State Insurance Corporation (ESIC) funds, that was worth nearly Rs 59,400 crore at the end of last fiscal.
Since Ambani and Modi government’s relationship is already under scrutiny because of the Rafale controversy, this is expected to add more fuel to the fire.
“RNAM has been awarded this prestigious mandate after successfully fulfilling an independent competitive technical and financial bidding process,” Reliance Capital said in its release.
Interestingly, the Reliance mutual fund company has become the first asset manager to manage all four prestigious mandates– Employees’ Provident Fund Organization (EPFO), The Coal Mines Provident Fund Organization (CMPFO), The Pension Fund Regulatory and Development Authority (PFRDA) and now the ESIC, reported Financial Express.
The other fund managers in the race to get ESIC’s fund management mandate were HDFC MF, UTI MF and HSBC MF.