Mumbai, Jan 25 (IANS) Reliance Capital Asset Management Monday announced Ian Lancaster as the CEO of its fully-owned subsidiary — Reliance Asset Management (Management) Sdn Bhd.
Reliance Capital AMC is the investment manager of Reliance Mutual Fund, India’s largest mutual fund house and a subsidiary of Reliance Capital, a company statement said here Monday afternoon.

“Reliance Asset Management, Malaysia will be our flagship venture in Islamic Asset Management business and a global hub for Shariah compliant product for Reliance Capital,” said Vikrant Gugnani, Director, Reliance Asset Management (Malaysia) Sdn Bhd.

Bringing with him a wealth of 20 years’ experience, Lancaster has worked for global names like Axa Equity and Law, General Accident, SE Banken and Norwich Union.

“Recent history has shown that investors have a new appreciation of the measured principles that underpin Shariah compliant investing. The government has made a firm commitment to develop Malaysia as a major hub for Shariah Fund Management,” said Lancaster.

Combining the backing of Reliance Capital and the infrastructrue of the Malaysia International Islamic Finance Centre, Lancaster said that they develop world class Shariah compliant investment products in the region.

Reliance Mutual Fund (RMF) is India’s largest Mutual Funds with Average Assets Under Management (AAUM) of Rs. 119981.79 Crore (US$ 25 billion as of Dec 31, 2009) with over 7.5 million investors.