Following the purchase of 75% stake in Reliance Nippon Life Asset Management by Nippon Life Insurance, Reliance Mutual Fund has been renamed as Nippon India Mutual Fund.
This has been one of the largest foreign direct investments in the financial sector, and now Nippon India Mutual Fund is the largest foreign-owned Asset Management Company in India, said the company.
Sundeep Sikka will continue to lead company as the CEO.
In Japan, one out of 12 people is a policyholder of Nippon Life Insurance. “The company will continue to focus on increasing market share and profitability,” said Mr. Sikka.
