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| LIC in talks with Nomura for stake sale in mutual fund arm |
| Press Trust of India / Mumbai Jun 04, 2009, 20:38 IST |
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Life Insurance Corporation (LIC) today said it is in talks with Japan-based Nomura Securities to sell stake in the mutual fund arm of state-run insurer.
"We are in the process of selling stake in LIC Mutual Fund to Nomura. All the things are under negotiation," LIC Managing Director Thomas Mathew said here.
He, however, declined to give the percentage of stake which LIC was planning to offload and the time-line by which it would complete the deal.
LIC MF is the seventh largest fund house in the country with an Assets Under Management (AUM) of Rs 28,599 crore at the end of May.
Meanwhile, the country's oldest asset management company UTI Mutual Fund is also in the process of selling 26 per cent stake to a strategic investor.
After lying low for few months, the mutual fund industry has become viberant once again. The industry recorded Rs 6 lakh crore-mark in assets in May.
The mutual fund industry's average AUM grew by Rs 86,355.19 crore, or 15.66 per cent in May.
The combined average AUM of the 35 fund houses in the country increased to Rs 6,37,609.41 crore in May compared to Rs 5,51,25,422 crore in April, according to the data released by the Association of Mutual Funds in India.
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