LIC Mutual Fund Trustee Company Private Limited (LICMF Trustee) and LIC Mutual Fund Asset Management Company Limited (LICMF AMC) have announced the induction of Nomura Asset Management Co. Ltd. as a strategic partner in India.

Nomura Asset Management, a wholly owned subsidiary of Nomura Holdings, Inc. of Japan, will acquire a 35% stake in LICMF AMC as well as in LICMF Trustee.

The formation of the joint venture is subject to necessary regulatory and unit-holder approvals, which the partners will be seeking in due course.

The joining of hands of these two leaders in their respective fields will be a coming together of the excellent track-record and on-the-ground knowledge of the LICMF AMC with the global research, product development and investment management capabilities of Nomura Asset Management. With these enhanced capabilities LICMF AMC will look forward to moving further up the ranks of the asset management companies in India and into a dominant position in the near future.

The Indian investor can look forward to an enhanced and differentiated offering of services and products from the joint venture.

Commenting on the announcement, Mr. Atsushi Yoshikawa, President and CEO of Nomura Asset Management, said: “India is one of the fastest growing markets for asset management in Asia and is key to Nomura’s push to be a world-class asset management firm with a strong competitive advantage in Japan and Asia. By building on LIC’s outstanding brand image and customer network, we will be able to apply best practices to our combined business through our extensive experience as a global asset manager”.