PFRDA selects 8 companies to manage pension funds of private sector

NEW DELHI: Pension fund regulator PFRDA is believed to have selected eight companies for managing pension funds of non-government employees.

"Eight fund managers including LIC Pension Fund, SBI Pension Fund, UTI Retirement, Reliance Capital Pension Fund have been selected by PFRDA for managing the funds of private sector NPS," a source said.

The other fund managers selected include DSP Blackrock, ICICI Prudential Pension Funds Management and Kotak Mahindra Pension Fund, sources said.

The three existing managers for NPS of government employees were also asked to submit commercial bids only, while others will have to submit both technical and commercial bids.

According to sources, Relaince turned out to be lowest bidder.

The aprocess is appointing new pension fund managers started after the exit of former PFRDA chairman Yogesh Agarwal.