Apart from these four portfolio managers, the Employees' Provident Fund Organisation (EPFO) has also appointed UTI AMC for managing its corpus for the next three years.
The EPFO's apex decision making body, the Central Board of Trustees, headed by Labour Minister Bandaru Dattatreya had decided at a meeting held on March 31 to appoint five asset management firms for managing its fund, an EPFO press statement revealed.
"The Board approved the appointment of portfolio managers for managing the corpus. SBI, ICICI Securities PD Ltd, Reliance Capital AML, HSBC AMC and UTI AMC are being appointed as portfolio managers for 2015-18 period," the press release said.
The EPFO has a corpus of over Rs 6.5 lakh crore and it is expected to get an incremental deposit of Rs 80,000 crore during 2014-15.
Asset management firms ICICI Securities Primary Dealership, Reliance Capital AMC and HSBC AMC had emerged as top bidders for managing the huge corpus of the EPFO. The other shortlisted bidders among the six asset management firms were UTI AMC, ICICI Prudential and Birla Sun Life AMC.
Though SBI had bid for managing EPFO funds, the CBT had nominated it as its fund managers for a three-year term begining April 1. According to the press statement, EPFO settled 1.29 crore claims including PF withdrawal and transfer in 2014-15. Out of these 1.29 crore claims, over 90 percent were settled within 20 days of receipt. The body settled as many as 12.91 lakh claims in March.

Latest News  from Business News Desk