Nippon Life India Asset Management Ltd

History of Nippon Life India Asset Management Ltd

Nippon Life India Asset Management Limited (Formerly known as Reliance Nippon Life Asset Management Limited) is one of the largest asset management companies in India with a total AUM of Rs. 6,54,112 Crore as of March 31, 2025. Company acts as the Asset Manager to Nippon India Mutual Fund (NIMF). The Company is involved in managing mutual funds including Exchange Traded Funds (ETFs); Managed Accounts, including Portfolio Management Services (PMS), Alternative Investment Funds and Pension Funds; and Offshore Funds and Advisory Mandates and Funds via GIFT City. The Company is also promoted by Nippon Life Insurance Company, one of the leading private life insurers in Japan, with assets of over JPY 97 trillion as on March 31, 2025. Nippon Life India Asset Management Limited was initially incorporated as 'Reliance Capital Asset Management Limited' on February 24, 1995. The Company name was changed as per resolution to 'Reliance Nippon Life Asset Management Limited' on May 5, 2016 and further to 'Nippon Life India Asset Management Limited' on December 18, 2019. Nippon Life Insurance Company Japan (NLI) is the promoter of the Company and held 72.3% of its paid up equity share capital as on March 31, 2025. It offers a wide range of financial products, including individual and group life and annuity policies through various distribution channels. NLI primarily operates in Japan, North America, Europe, Oceania, and Asia and conducts asset management operations in Asia, through its s ...ubsidiary Nissay Asset Management Corporation (Nissay), which manages assets globally. The company started mutual fund operations in 1995 as the asset manager for Reliance Mutual Fund. During the year under review, Company launched two schemes Reliance Growth Fund and Reliance Vision Fund. In 2004, Company commenced portfolio management services. It commenced offshore operations in Mauritius by setting up a wholly owned subsidiary, Reliance Asset Management (Mauritius) Limited. In 2005, the company commenced offshore operations in Singapore by setting up a wholly owned subsidiary, Reliance Asset Management (Singapore) Pte Limited. In 2008, the company executed a contract to provide discretionary portfolio management services to the Employees' Provident Fund Organisation (acting through its Central Board of Trustees). Reliance Capital Pension Fund Limited, one of the Group Companies, received a Certificate of Commencement of Business as a pension fund manager from the Pension Fund Regulatory and Development Authority (PFRDA) in 2009 and manages pension assets under the National Pension System (NPS). In 2012, Company received the first tranche of investment from Nippon Life Insurance Company, Japan. In 2014, the company's subsidiary, Reliance AIF Management Company Limited was appointed as the manager' to the Reliance Capital AIF Trust. During the year under review, Reliance Mutual Fund launched a Japan focused open-ended diversified equity scheme under the name Reliance Japan Equity Fund. In 2015, RNAM entered into an investor advisory agreement with Samsung Asset Management (Hong Kong) Limited. During the year under review, Reliance Mutual Fund launched equity-oriented Retirement Fund. During the year under review, Quarterly Average Assets under Management (QAAUM) of Reliance Mutual Fund crossed Rs 1.5 lakh crore. In 2016, the company acquired the asset management rights of 12 schemes being managed by Goldman Sachs Asset Management (India) Private Limited. During the year under review, the company executed a contract to provide discretionary portfolio management services to the Coal Mines Provident Fund Organization (acting through its Board of Trustees). During the year under review, the company's subsidiary Reliance AIF Management Company Limited was appointed as the manager' to the Reliance Event Opportunities Trust. In 2017, Quarterly Average Assets under Management (QAAUM) of Reliance Mutual Fund crossed Rs 2 lakh crore. RNAM came out with an initial public offer (IPO) during the period from 25 October 2017 to 27 October 2017. The IPO was a combination of fresh issue of 2.45 crore equity shares by the company and offer for sale of a total of 3.67 crore shares by promoter selling shareholders. The stock debuted at Rs 294 on BSE on 6 November 2017, a premium of 16.66% compared to the IPO price of Rs 252 per share. As of March 31, 2018, the Company had 3 subsidiaries. 2 of such subsidiaries are overseas, being 1 each in Singapore and Mauritius and 1 subsidiary being in India. On 11 October 2018, Reliance Nippon Life Asset Management Limited (RNAM) announced that it has received mandate from the Employees' State Insurance Corporation (ESIC) to manage its funds. RNAM already manages mandates from Employees' Provident Fund Organization (EPFO), The Coal Mines Provident Fund Organization (CMPFO) and The Pension Fund Regulatory and Development Authority (PFRDA), thus becoming the only asset manager to manage all the four prestigious mandates. On 20 November 2018, Reliance Mutual Fund (RMF) announced Further Fund Offer 3 (FFO3) of its Central Public Sector Enterprises - Exchange Traded Fund (CPSE ETF). This FFO3 is part of the Government of India's overall disinvestments program, announced earlier by the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, using the ETF route. On July 13, 2017, Nippon Life Insurance Company (NLI), an existing equity shareholder holding 44.57% stake in the Company acquired an additional 4.43% stake by way of purchase of equity shares from Reliance Capital Limited (RCL). Post this acquisition, the equity stake of NLI in the Company was increased to 49%, and subsequently NLI was also classified as one of the Promoters of the Company along with RCL. During the year 2017-18, the Company had allotted 57,60,00,000 number of fully paid up equity shares of face value of Rs.10/- each in August 2017 to the Members of the Company in proportion of 1:50. During the year 2017-18, the Company came out with its initial public offering (IPO) and diluted the 10% post issue capital in favor of the public. Both the promoters of the Company (i.e. RCL and NLI) also participated in the IPO by way of an offer for sale component and diluted part of their holdings in favor of the public. The total IPO size was Rs.1542.24 Crores out of which the Company raised Rs.617 Crores as primary subscription and the remaining proceeds of Rs.925.37 Crores were towards offer for sale. During the year 2017-18, Reliance Capital Pension Fund Limited ceased to be a subsidiary of the Company and became Company's associate company. In FY 2018-19, the Company launched UCITS India Fixed Income Fund, domiciled out of Dublin. As of March 2019, the Company had a total AUM of approx. Rs. 3,087 crore as part of its international offshore Managed portfolio. It further had a total AUM of approximately Rs. 5,542 crore of international Advisory mandates. During the year 2018-19, it launched the first equity scheme under category III AIF. It launched / incubated the first Commodity Fund which is the first Category III open ended fund offered by the company. It also launched the first offshore real estate fund, a category II AIF which is currently open for subscription. In FY 2019-20, Company launched the first Indian Exchange Traded Fund (ETF) product in Australia, in June 2019. It launched Nippon India Digital Innovation AIF Scheme 1 in December 2019 (approx. US$ 120 million). It launched Real Estate Fund in Japan for institutional investors in December 2019 (approx. US$ 10 million). As of March 31, 2020, the Company had a total AUM of Rs. 4,810 crore as part of its international offshore managed portfolio. It also had a total AUM of Rs. 4,105 crore as international advisory mandates. NAM India, in collaboration with BBL Asset Management Company Ltd., an affiliated company of Bangkok Bank (BBL), the largest Thai Commercial Bank, launched Bualuang Bharata Fund in Thailand for institutional investors and high net worth investors. As of March 31, 2021, the Company had a total AUM of Rs. 6,953 crore as part of its international offshore managed portfolio. It had a total AUM of Rs. 3,347 crore as international advisory mandates. In FY 2020-21, it launched the first-of-its-kind ETF, Nippon India ETF Nifty CPSE Bond Plus SDL - 2024 Maturity. It further launched Multi Asset Fund. It acquired 350 new institutional investors and over 9 lakh unique investors. As of March 31, 2022, Company had 3 subsidiaries. 2 of such subsidiaries are overseas, being 1 each in Singapore and Mauritius and 1 subsidiary is in India. In FY 22, the Nippon India Flexi Cap Fund was one of the biggest success stories for Digital enabling lucid access for investors & partners across all its Digital assets. Apart from that, the Company digitally enabled other prominent products for FY21-22 including Nippon India Taiwan Equity Fund and Nippon India Silver ETF F-o-F. Apart from that, on the ETF front, it enabled Nippon India Nifty Pharma ETF, Nippon India Nifty Auto ETF & Nippon India Silver ETF. It had a very innovative Index offering made live viz. Nippon India Nifty AAA CPSE Bond Plus SDL - Apr 2027 Maturity 60:40 Index Fund.' As on March 31, 2022, the Company's total AUM is Rs. 55,001 crore, as part of the managed accounts business. It had a total AUM of Rs. 8,762 crore as part of international offshore managed portfolio. It had a total AUM of Rs. 2,685 crore as international advisory mandates. As on March 31, 2023, the Company's total AUM is Rs. 61,600 Crores, as part of the managed accounts business. It had a total AUM of Rs. 8,855 Crores as part of international offshore managed portfolio. It had a total AUM of Rs. 2,012 Crores as international advisory mandates. In 2022-23, NAM India launched new schemes comprising of Nippon India Nifty Alpha Low Volatility 30 Index Fund, Nippon India Fixed Horizon Fund - XLIV - Series 1; Nippon India Nifty AAA PSU Bond Plus SDL - Sep 2026 Maturity 50:50 Index Fund; Nippon India Nifty SDL Plus G-Sec - Jun 2028 Maturity 70:30 Index Fund; Nippon India Fixed Horizon Fund XLIV - Series 4; Nippon India Fixed Horizon Fund - XLIV - Series 2; Nippon India Nifty G-Sec Sep 2027 Maturity Index Fund; Nippon India Nifty G-Sec Jun 2036 Maturity Index Fund; Nippon India Nifty SDL Plus G-Sec - Jun 2029 Maturity 70:30 Index Fund; Nippon India Nifty G-Sec Oct 2028 Maturity Index Fund; Nippon India Fixed Horizon Fund XLV - Series 4 and Nippon India Fixed Horizon Fund XLV - Series 5. As on March 31, 2024, the Company's total AUM is Rs. 72,884 Crores, as part of the PMS and managed accounts business. It had a total AUM of Rs. 13,421 Crores as part of international offshore managed portfolio. It had a total AUM of Rs. 2,176 Crores as international advisory mandates. In January 2025, Company launched its first GIFT fund - Nippon India Large Cap Fund GIFT' (an open-ended, Category-III AIF IFSCA). Further, it launched the Nippon India ETF Nifty 50 BeES GIFT' Fund in FY25. As on March 31, 2025, the Company's total AUM is Rs. 79,818 Crores, as part of the PMS and managed accounts business. NAM Singapore managed a total AUM of USD 1.78 bn as part of its international offshore managed portfolio. It had a total AUM of USD 233 million as international advisory mandates.