Nirmal Bang: Nippon Life India AMC - Yields Stable; Opex Cut, Other Income Aid Net Earnings
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Nirmal Bang Report
Nippon Life India Asset Management Ltd. has reported revenue in line with expectations at Rs 2,587 million, down 14% YoY and up 11% QoQ.
Fixed income yields declined due to investors shifting towards safer shorter duration funds from longer duration funds and credit risk funds.
Equity yields were stable QoQ at 90-95 basis points. Mutual fund quarterly average assets under management was down 2.5% YoY but up 11% QoQ.
Portfolio Management Service and Separately Managed Account AUM was down 48% YoY and 2% QoQ. Opex control was better than expected.
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