India: Corporation bank to acquire 4% stake in Nomura Mutual Fund

Corporation Bank is acquiring a four per cent stake in Nomura Mutual Fund Asset Management Company from its shareholders for about Rs 5.67 crore, as per a stock market disclosure.

“The bank will acquire this stake from the existing shareholder Nomura Asset Management Strategic Investments PTE Ltd of LIC Nomura Mutual Fund Asset Management Company Ltd. at a price of Rs. 5,66,91,800/- as per the valuation derived, subject to necessary approval and agreement, if any,” the bank said in BSE filing.

Nomura Asset Management has been gradually reducing its stake in the mutual fund entity over the past few months, as it looks to pull out of the Indian mutual fund market.

Last month, GIC Housing Finance disclosed that it will acquire will acquire as much as 16% in LIC Nomura Mutual Fund Asset Management Co. Ltd for Rs.22.68 crore and up to 16% stake in LIC Nomura Mutual Fund Trustee Co. Pvt Ltd for Rs.1.26 lakh. The same month, LIC Housing Finance decided to acquire up to 19.3% stake in LIC Nomura Mutual Fund for Rs.27 crore.

Several foreign firms have pulled back from this sector in the last few years. In August this year, Deutsche Bank Group sold its Rs 20000-crore asset management business in India to Pramerica Asset Managers. Last year, Morgan Stanley and PineBridge had too exited India’s mutual fund sector.

Also Read: India: GIC Housing to buy up to 16% in LIC Nomura MF Asset

Japan’s Nomura sells part stake in Indian mutual fund JV to partner LIC Housing

India: Religare Securities sells entire share in AMC to US fund house Invesco

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.