India Life wins Tecumseh asset mgmt order

BANGALORE: India Life Asset Management Company (ILAMC) has won an order from Tecumseh Products India Limited (TPIL) to manage the provident fund of TPIL, advising its trustees on investment strategy given their risk preference, maturity horizon and current portfolio status.

ILAMC is the country’s first and only SEBI licensed portfolio manager solely focused on provident and pension funds. The sole focus on institutional pension and provident funds dictates a service offering that ranges from investment advisory to management. The company will assist trustees to plan and create investment strategies in line with risk and liability profiles and translate these strategies to real time investments through recurring investment advises.

Tecumseh is the world’s largest manufacturer of compressors for the refrigeration industry. The company is a full-line independent global manufacturer of hermetic compressors for air conditioning and refrigeration products and is setting global benchmarks in compressor technology. Its’ fully tropicalised compressors are redefining performance in Indian conditions.

ILMAC, Assistant Vice President, Amit Gopal, said, "We are excited to partner with world leaders like Tecumseh. ILAMC will plan and create investment strategies in line with risk and liability profiles and translate these strategies to real time investments through recurring investment advises." The value add comes from superior execution capabilities and the ability to reap the benefits of economies of scale along with a state-of-art trading room and a dedicated Government securities and institutional bond desk.

Tecumseh, Deputy General Manager — Finance, Anil Kumar said, "We believe that with complexities creeping into provident fund investing, as a consequence of credit risk rearing its head and interest rates being volatile, an experienced investment manager is the need of the hour. We think ILAMC will add value by virtue of it being solely focused on provident funds and their services being advisory in nature."

TPIL has two plants located in Hyderabad and Ballabgarh. It provides comprehensive solutions to customers in the field of cooling while providing autonomous working environment for employees, to tap their creative potential, bring out the best in them and optimize stakeholders' returns. Tecumseh already offers Non -CFC compressors and looks to the future with products based on emerging sturdy, dependable and eco-friendly technologies.