Private fund managers for $60 bn provident fund

July 29th, 2008 - 7:44 pm ICT by IANS  

New Delhi, July 29 (IANS) The Employees Provident Fund Organisation (EPFO) Tuesday selected three private fund managers, along with India’s largest commercial bank, to manage its corpus of Rs.240,000 crore (Rs.2,400 billion or $60 billion). The organisation’s trustees selected the asset management companies of HSBC, ICICI Prudential and Reliance Capital, along with that of the State Bank of India (SBI), to manage the fund that has 44 million members.

The finance and investment committee (FIC) of the organisation’s trustees had earlier recommended the three private players as fund managers after they were found to be the lowest bidders, officials said.

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