Reliance Capital Asset Management and ICICI Prudential Asset Management Company are among the 10 players that have qualified the technical round of the selection process for managing the provident fund money.
The Employees’ Provident Fund Organisation (EPFO) management short-listed 10 fund managers out of 17 on Thursday, on the basis of technical bids submitted by them to manage the provident fund money lying with EPFO, said an official close to the developments who didn’t want to be quoted.
With this, EPFO is just one notch away from increasing the number of firms that will manage the additional money, expected to be in the region of Rs 25,000 crore per annum, that it gets. Currently, only State Bank of India manages this money.
“The financial bid will open on Monday (July 21) or Tuesday,” said the official. The final list of selections will be submitted to the board after assessing the financial bid.
The EPFO management is moving ahead, keeping itself immune to the voices being raised by some employees’ representatives who are against selection of fund managers for the EPFO fund management. “The management will finalise the fund managers as per the mandate given by board and will submit its proposal to the board that will take the final call,” the official said.