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Nomura to quit LIC Nomura AMC

Public sector banks are now in talks with Life Insurance Corporation (LIC) for acquiring the 35% stake held by Nomura in the joint venture LIC Nomura AMC. LIC is said to be wanting to exit the JV as Nomura India is not keen to renew the 5-year contract. LIC Nomura MF had an AUM of a little over Rs 11,157 crore as of September- end. Several foreign entities have quit the Indian mutual fund market recently, the latest being Goldman Sachs announcing sale of its state in an Indian JV to Reliance Capital AMC. According to news reports LIC, which has 45% stake in the JV, does not want to increase this. Its housing finance arm, LIC Housing Finance, holds 20% stake in LIC Nomura MF. Two of the frontrunners for the stake are Corporation Bank and GIC Housing Finance. Analysts are mentioning a price of around Rs 100 crore for the stake.

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