11 AMCs in race to manage EPFO funds for next 3 yrs

As many as 11 asset management companies, including HSBC, UTI and ICICI Securities, are in the fray to manage the Employees’ Provident Fund Organisation’s (EPFO’s) huge corpus of Rs 3 lakh crore for three years beginning April.

ICICI Pru, HSBC, Reliance Capital and SBI are the existing fund managers, appointed in July 2008. Their tenure will end in March this year.

Besides, the existing fund managers, seven new firms, including Kotak Securities, Securities Trading Corporation of India, UTI Securities and ICICI Securities, have sent their expression of interest (EOI), a source said.

EPFO had invited expression of interest or request for qualification, which were to be given by last evening.

 

Source said by February 25, EPFO would issue the request for proposal or formal bids for managing its Rs 3 lakh crore corpus for a period of three years starting April 1, 2011.