SBI will manage 35% of the funds, ICICI Securities Primary Dealership will manage 25%, HSBC Asset Management and Reliance Capital Asset Management will manage 20% each.

The new fund managers have been appointed for a period of three years, beginning September 1, and are subject to a performance review by the Central Board of Trustees (CBT) a year later.

There were 11 bidders who were interested to handle the Employees' Provident Fund Organization (EFPO) costs. Of these 10 bidders were found to be eligible.

Five fund managers i.e. SBI, ICICI Securities, HSBC, ICICI Prudential and Reliance Capital were shortlisted by the selection committee of the EPFO to manage the fund, out of which four got selected and ICICI Prudential dropped out.

State Bank of India, the country's largest lender, quoted 1 rupee per 10,000 rupees, ICICI Securities had quoted a rate of 3 paise per year to manage 10,000 rupees in its bid, while Reliance Capital and HSBC 4 paise and 36 paise respectively, PTI reported.

ICICI Prudential, who dropped out quoted a bid of 48 paise for managing 10,000.

To reach at the best value bids, the committee gave 80% weightage to technical bids and 20% weightage to financial bids.

The companies which were not shortlisted were Birla Sun Life, UTI, STCI, Kotak Mahindra and Franklin Templeton.

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