Money & Economy

It is early days yet but the race among the various pension fund managers under the New Pension System...

Race among NPS fund managers is on

It is early days yet but the race among the various pension fund managers under the New Pension System (NPS) to generate higher returns,and hence garner more assets under management (AUM) is clearly on. Going by the NAVs (net asset value) on December 8,UTI Retirement Solutions has stolen a march over the other pension fund managers in three out of the five schemes.

Among the schemes wherein the funds of central government employees are being managed,UTI Retirement Solutions NAV is 12.1655. This is higher than that of the other two public sector fund managers LIC (NAV 11.8847) and SBI (NAV 11.7072).

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Among the schemes for state government employees,too,UTI is leading currently with an NAV of 10.4473. SBI (NAV 10.3245) and LIC (10.2948) are close on its heels.

Three schemes are available currently to non-government employees who have joined NPS: E (equity),C (corporate bonds) and G (government bonds). In Scheme E,again,UTI Retirement Solutions is in the lead with an NAV of 12.1673. In scheme C,Kotak is the leader with an NAV of 10.7376. In scheme G,the leader is SBI with an NAV of 10.7282.

IIP up 10.3% in October

The Index of Industrial Production (IIP) rose 10.3 per cent year-on-year (y-o-y) in October compared to an upwardly revised 9.6 per cent yoy growth in September. This number was below the consensus forecast of 12 per cent y-o-y. The sequential growth momentum turned negative in October,falling by 1 per cent month-on-month (m-o-m),from a positive 0.8 per cent mom growth in the previous month.

The impact of the drought and the Diwali holiday season appears to be the contributor for the slowdown in momentum.

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