EPFO likely to appoint HSBC AMC, UTI AMC, SBI Mutual Fund as fund mangers for three-year term

Retirement fund manager EPFO is likely to appoint next week at its trustees' meet asset management firms HSBC AMC, UTI AMC and SBI Mutual Fund as its fund managers for a three-year term

Press Trust of India August 16, 2019 13:36:01 IST
EPFO likely to appoint HSBC AMC, UTI AMC, SBI Mutual Fund as fund mangers for three-year term
  • The Employees' Provident Fund Organisation's (EPFO) advisory body Finance, Audit and Investment Committee (FAIC) has finalised and recommended the names of three asset management firms -- HSBC AMC, UTI AMC and SBI Mutual Fund for appointment as fund mangers of the retirement fund of the body for a three-year term beginning 1 October, 2019

  • Now the proposal finalised by the FAIC would be placed before the EPFO's apex decision-making body Central Board of Trustees (CBT) headed by Labour Minister on 21 August, 2019 for final approval

  • The appointment of the fund managers for another term of three years has been pending with the EPFO since April last year

New Delhi: Retirement fund manager EPFO is likely to appoint next week at its trustees' meet asset management firms HSBC AMC, UTI AMC and SBI Mutual Fund as its fund managers for a three-year term.

The Employees' Provident Fund Organisation's (EPFO) advisory body Finance, Audit and Investment Committee (FAIC) has finalised and recommended the names of three asset management firms -- HSBC AMC, UTI AMC and SBI Mutual Fund for appointment as fund mangers of the retirement fund of the body for a three-year term beginning 1 October, 2019, a source said.

EPFO likely to appoint HSBC AMC UTI AMC SBI Mutual Fund as fund mangers for threeyear term

Representational image. Reuters.

Now the proposal finalised by the FAIC would be placed before the EPFO's apex decision-making body Central Board of Trustees (CBT) headed by Labour Minister on 21 August, 2019 for final approval, the source said.

The appointment of the fund managers for another term of three years has been pending with the EPFO since April last year. The body had appointed SBI, ICICI Securities Primary Dealership, Reliance Capital and HSBC AMC for a three-year term, starting 1 April, 2015.

Thereafter, the EPFO gave many extensions to the five fund managers. Now the extended term of the five fund mangers would expire on 30 September, 2019.

Earlier this year, the EPFO had made it clear that the SBI as a bank could not continue as the fund mangers of the body. Therefore SBI's asset management firm SBI Mutual Fund had submitted bids in this round of bidding for appointment as fund manager.

The source said that the names of three asset management firms have been finalised by the FAIC on the basis of their performance in the past years.

The EPFO had appointed multiple fund managers for the first time in July 2008, for earning a better rate of return on deposits for its subscribers. Before that, SBI was the sole fund manager for the retirement fund body since its inception in 1952.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

SC rejects SBI plea for resuming insolvency proceedings against Anil Ambani; matter listed for 6 Oct
Business

SC rejects SBI plea for resuming insolvency proceedings against Anil Ambani; matter listed for 6 Oct

The State Bank of India had moved the apex court to recover Rs 1,200 crore that it had loaned to two firms of the then-chairman of Reliance Communications

Titan teams up with SBI to launch contactless payment watches at a starting price of Rs 2,995
News & Analysis

Titan teams up with SBI to launch contactless payment watches at a starting price of Rs 2,995

Under the collaboration, payments of up to Rs 2,000 can be made without entering a PIN.

SBI Clerk Mains exam 2019: Second provisional wait list for post of Junior Associates released at sbi.co.in
India

SBI Clerk Mains exam 2019: Second provisional wait list for post of Junior Associates released at sbi.co.in

The State Bank of India conducted the Clerk Mains examination 2019 on 10 August and 20 September, 2019, at various centres