Nomura will acquire a 35% stake in LIC Mutual Fund Asset Management Co., a subsidiary of Life Insurance Corporation of India.

Nomura said that investors could expect additional, enhanced offerings through the joint venture, and that it LIC’s research capabilities.

“India is one of the fastest-growing markets for asset management in Asia and is key to Nomura’s push to be a world-class asset management firm with a strong competitive advantage in Japan and Asia,” said Atsushi Yoshikawa, president and CEO of Nomura Asset Management.

“By building on Life Insurance Corporation of India’s outstanding brand image and customer network,” he continued, “we will be able to apply best practices to our combined business through our extensive experience as a global asset manager.”

LIC’s market share of the asset management industry in India is 4.8%.

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