The Employees’ Provident Fund Organization (EPFO) is set to hire an independent custodian to manage its securities worth $88.69 billion, Business Standard reports. The State Bank of India (SBI) is the current overall custodian of these securities, while HDFC Bank is the custodian of the securities under four fund managers, including ICICI Prudential and Reliance Capital.
The SBI will continue to manage the EPFO corpus until the fund managers are appointed. The EPFO was required to hire multiple asset managers by June 30, so that the newly appointed managers could take over its fund by July 1 for a three-year period. The organization already missed a deadline of March 31, when the term of its four fund managers expired.
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