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Nomura exits LIC MF JV

image003Japanese firm Nomura has exited from its joint venture with LIC Mutual Fund. The existing LIC Nomura Mutual Fund will not be renamed LIC Mutual Fund. Nomura entered into the joint venture with a 35% stake in the entity. There will now be two new partners in LIC Mutual fund – GIC Housing Finance and Corporation Bank with 11.7% and 4% stake, respectively. Meanwhile, existing partner LIC Housing Finance has picked up another 19.3% stake to reach 39.3% in the company. The rest 45% is owned by LIC.

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