India’s Employees’ Provident Fund Organisation (EPFO) has appointed for new four new fund managers to manage its $78.6 billion assets, Economic Times reports. State Bank of India, ICICI Securities Primary Dealership, Reliance Capital and HSBC Asset Management will manage the mandate for the next three years.
SBI will manage 35% of the funds and ICICI will manage 25%, while HSBC and Reliance will manage 20% each. The four asset managers were selected by EPFO’s top decision making body, the Central Board of Trustees, out of the five shortlisted by the financial advisory committee.
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