Hiring Consultant by Next Month – EPFO Decision
Posted on: 28/Dec/2013 4:24:05 PM
The EPFO’s top judgment making body, the Central Board of Trustees will convene on January 14, and may conclude the consultant next month. This consultant will be authorized to evaluate the performance of new fund managers and appoint a custodian and concurrent auditor for the EPFO. Presently, the Crisil is the authorized consultancy services to the EPFO.
At the beginning September 1, 2011, the existing four fund managers of EPFO who were appointed for a term of three years includes: SBI, HSBC AMC, Reliance Capital and ICICI Securities Primary Dealership. Amidst these four managers, SBI, with 35% of the corpus, manages the biggest chunk of fund followed by ICICI Securities Primary Dealership at 25%. HSBC AMC and Reliance Capital manage 20% each.
The CBT had approved the appointment of Standard Chartered Bank as custodian of securities of EPFO and Chandabhoy and Jassoobhoy of Mumbai as external concurrent auditor for the body. During the past 2 and half years tenure from September 17, 2008 to March 31, 2011, the ICICI had provided highest yield of 8.72 percent followed by HSBC AMC of 8.64 percent, SBI 8.61 percent and Reliance Capital 8.57 percent against the benchmark 8.52 percent yield.
