Japan's major life insurance, Nippon Life Insurance, on Thursday signed a Memorandum of Understanding (MoU) to acquire 26 per cent participation of Reliance Capital Asset Management (RCAM) of Rs 1,450 crore. It is the largest foreign direct investment in Indian mutual funds industry. RCAM is part of the financial services arm Reliance Capital, Anil Dhirubhai Ambani Group company.
According to a press release, the largest life insurer in Japan valued Reliance Life Insurance around Rs 5,600 crore ($ 1.1 billion), which is about 6.64 percent of total assets - which is higher than the transactions that have taken place within the industry over the past few years. Morgan Stanley has advised many of Nippon.
Goldman Sachs bought the Benchmark Mutual Fund has been notified amount of Rs 130.5 crore, giving it a value of 4.1 per cent of assets. In September 2009, L & T Finance bought DBS Chola mutual funds of Rs 45 crore or 1.5 per cent of assets. The only thing that comes close to such an assessment IDFC purchase, Standard Chartered Mutual Fund in 2008. The company paid Rs 831 crore or 5.7 per cent of the assets.
In the mutual funds segment is engaged in the property assessed from the fund house mix, network strength, profitability and long-term earnings prospects. Typically, the higher AUM amount of equity in the long run, the more evaluation. This is because the equity schemes of mutual funds earn higher commissions than other fund categories of debt and the term of office.
This is the second stake sale of the company. In 2008, hedge fund Eton Park Capital Management bought a 4.76 percent stake for Rs 501 crore, with 13 per cent of its AUM, fund houses. RCAM, India's second largest AMC in managed assets under management of Rs 84,299-crore assets at 31 December. While HDFC Mutual Fund has become the largest player in the property, the most profitable investment funds established by Reliance House 2010-11, with net profit of Rs 261 crore, while HDFC reported net profit of Rs 242 crore.
"We are delighted to have Nippon is our strategic partner in the investment fund business. They have been our partners for life insurance. Investment Funds partnership cements and strengthens the relationship between the Reliance Group and Nippon Life ahead and take it to a new level, said Reliance Capital chairman Anil Ambani." This investment will is our second capital of the Union Reliance Group, Reliance Life after our investment last year, "said Yoshinobu Tsutsui, President of Nippon Life. Last March, the Japanese insurer had picked up 26 percent of Reliance Life, life insurance arm of R-Cap, the Rs 3,062 crore. This India was the largest FDI in the insurance sector. The transaction was tied to the assessment of Reliance Life around Rs 11,500 crore ($ 2.6 billion). Nippon Life, Asia's largest private life insurance company, which managed assets worth $ 600 billion (RS 30 lakh crore) posted revenue amounting to Rs 3,49,834 crore ($ 80 billion) and profits of Rs 12,199 crore ($ 3 billion) for the financial year ended March 31, 2011, the release added.
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