LIC Nomura merges schemes

Halt in transactions on compnay's mutual fund trading platform is effective from May 20, 2013

The asset management joint-venture between Life Insurance Corporation of India and Japanese financial services firm Nomura has merged four of of its schemes with a fifth, on account of which the National Stock Exchange has halted transactions in the schemes to be merged.  

The halt in transactions on its mutual fund trading platform is effective from May 20, 2013, according to an exchange notification on Friday.

LIC Nomura Mutual Fund Asset Management Company Limited has intimated the exchange that LIC Nomura MF Top Hundred Fund, LIC Nomura MF Systematic Asset Allocation Fund, LIC Nomura MF India Vision Fund and LIC Nomura MF Opportunity Fund has merged with LIC Nomura MF Equity Fund.

LIC Mutual Fund was set up by the Life Insurance Corporation of India on 20th April 1989. It entered into a joint venture with Japan's leading financial services conglomerate Nomura Asset Management Strategic Investments Pte. Ltd. (Nomura) on 18th January 2011. Nomura holds 35 per cent in the company.

The scheme had average assets under management of Rs 7,184.72 crore for the quarter ended March. Out of this, Rs 1,655.83 crore is in the equity basket.

Nomura also has representation on the board of AMC and Trustee Company while LIC continues to be the sole sponsor of LIC Nomura Mutual Fund, according to its website.