Nippon Life India Asset Management said the company has received a joint mandate (along with another fund manager) to manage the investments of Post Office Life Insurance Fund (POLIF) and Rural Post Office Life Insurance Fund (RPOLIF).
The mandate is for a period of three years with effect from 1 October 2020. This mandate shall be further extendable depending upon the performance of the fund manager and by mutual consent, on the same terms and conditions.
The announcement was made after market hours yesterday, 24 September 2020. Shares of Nippon Life India Asset Management fell 4.48% to settle at Rs 251.55 yesterday.
Nippon Life India Asset Management is one of the largest asset managers in India, managing (directly & indirectly) assets across mutual funds, managed accounts, alternative investments and offshore funds. NAM India is the asset manager of Nippon India Mutual Fund's schemes. The company also acts as an advisor for India focused Equity and Fixed Income funds in Japan (launched by Nissay Asset Management), and in Thailand (launched by BBL Asset Management). It also manages offshore funds through its subsidiaries in Singapore and Mauritius and,also has representative office in Dubai thereby catering to investors across Asia, Middle East, UK, US, and Europe.
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