EPFO won't look at past performance while making new AMCs

Retirement fund body EPFO will not take into account the past performance of previously engaged ICICI Pru, HSBC AMC, SBI and Reliance Capital while finalising the new asset management companies (AMCs) for managing its Rs 3 lakh crore corpus.

"Since the returns on investment provided by four fund managers was above the bench mark level of 8.52%, past performance as EPFO's fund manager would not be given any weightage while making fresh appointments," a source privy to the development told PTI.

EPFO is in the process of appointing multiple fund managers for manging its funds for a three year period beginning July 1.

The meeting of the committee to recommend the appointment of the fund managers for EPFO to its trustees is likely to be held next week where the panel would shortlist eligible AMCs.