Tata Asset Management forays into pension business, to manage funds under NPS
1 min read . Updated: 18 Aug 2022, 03:29 PM IST
Premium- Tata Asset Management Private Limited has forayed into Pension business
Tata Pension Management Limited (TPML) sponsored by Tata Asset Management Private Limited has been appointed as a Pension Fund Manager (PFM) by the Pension Fund Regulatory and Development Authority (PFRDA), for managing the funds under National Pension System (NPS).
The 'Certificate of Commencement of Business as Pension Fund' was issued by PFRDA on 28th July 2022; and the business is now operational from 18th August, 2022, the company said.
Speaking on the occasion, Prathit Bhobe, CEO & MD, Tata Asset Management Private Limited said, “With 28 years of investment management experience, Tata Asset Management now marks its entry in the pension space. The regulator has taken sizeable steps in promoting a pensioned society in India, and we are delighted to provide this array of pension products and services to the citizens of the country."
Tata Pension Management Limited (TPML) offers fund management services under National Pension System regulated by PFRDA, Government of India. Established in 1994, Tata Asset Management Private Limited (TAMPL) is owned by Tata Sons Ltd (67.91%) and Tata Investment Corporation Ltd (32.09%).
Speaking at the launch, Kurian Jose, CEO, Tata Pension Management Limited said, “In India, the concept of retirement planning is still at a nascent stage. We look forward to contributing towards creating awareness on pension literacy to support Indian citizens to achieve their retirement goals."
