LIC Nomura Mutual Fund today said its average assets under management (AUM) grew 62.55 per cent to Rs 12,384 crore in the December quarter over the same period a year ago.
The company's AUM stood at Rs 7,618 crore in the third quarter of the previous fiscal, the company said in a statement.
LIC Nomura AMC is a joint venture between the insurance behemoth LIC and Japanese financial sector major Nomura Asset Management Company. But these are the last days of the JV as Nomura has already exited the alliance and is awaiting regulatory approvals for the same.
The company has seen a remarkable increase in the AUM growth, which is 41.5 per cent higher against the industry growth, recorded at just 21.05 per cent.
"LIC Nomura has strived to continue growing faster than the industry by attracting more and more retail investor participation from the T15 (Top 15) cities and B15 (Beyond top 15)cities. This phenomenal success comes from sustained efforts of the fund house and superior fund performance," LIC Nomura MF director and CEO Sarojini Dikhale said.
The fund house is targeting to achieve Rs 20,000 crore AUM by March.
"We aim to target an AUM of Rs 15,000 crore in January 2016 and determined to achieve Rs 20,000 crore AUM by the end of this financial year," she said.
The retail investor participation has gone up tremendously showcasing an increase in the number of folios by 12 per cent. The Systematic Investment Plans (SIPs) in the retail front have gone up to 66 per cent in the B15 cities and rest 24 per cent from T15 cities, a company release said.
Nomura, which held 35 per cent stake in the JV, had in October last said it was exiting the alliance as its existing term contract comes to and end later this month.
While LIC Housing Finance, which already holds 20 per cent stake in the firm, has acquired 19.3 per cent of Nomura for Rs 27 crore, GIC Housing Finance has agreed to acquire 11.7 per cent for Rs 22.68 crore.
Similarly, state-owned Corporation Bank has agreed to pick up the remaining 4 per cent stake for Rs 5.67 crore.
