Reliance Nippon Life Asset Management (RNAM) on Thursday said it has received mandate from Employees' State Insurance Corporation to manage its funds.
After successfully fulfilling an independent competitive technical and financial bidding process, RNAM, the asset management joint venture of Reliance Capital and Nippon Life Insurance of Japan, has been awarded this mandate.
RNAM already manages mandates from Employees' Provident Fund Organization (EPFO), Coal Mines Provident Fund Organization (CMPFO) and Pension Fund Regulatory and Development Authority (PFRDA).
"We are particularly proud to have received this mandate, which is a reaffirmation of our investment processes and track record of delivering returns," RNAM CEO Sundeep Sikka said.
Total investment of ESIC stood at Rs 59,382 crore at the end of March 2018. RNAM managed total assets of Rs 4.10 lakh crore as of June this year.
The approval was awarded after considering various factors including the company's experience in managing debt funds, operational processes, risk management practices and financial strength, RNAM said in a statement.