Chennai: Reliance Mutual Fund announced that it has renamed as Nippon India Mutual Fund. Nippon Life Insurance had recently completed the purchase of 75 per cent stake in company to become the single largest shareholder in the company.
A press release said, this has been one of the largest FDI investments in the financial sector and Nippon India Mutual Fund is the largest foreign-owned Asset Management Company in India.
President, Nippon Life Insurance Company Hiroshi Shimizu said, “Indian Asset Management space is quite attractive and has a long-term growth potential which is in line with our goals. We believe that the core management team and the entire team at Nippon India Mutual Fund will be key driver.”