Religare MF sells 49% stake to US firm

Religare Asset Management Company (RAMC), the mutual fund arm of Religare Enterprises that manages assets of about $2.6 billion said that it has decided to offer 49 per cent stake to Invesco Ltd., a global investment management company.

Further, RMAC, established in 2008 will now be Religare Invesco Asset Management Company and headed by Mr. Saurabh Nanavati (CEO- RAMC) along with the existing management team. The deal is subject to regulatory approvals. The size of the deal was not disclosed by Religare. 

The Group CEO of Religare Enterprises Shachindra Nath, commenting on the deal, said, “We are very pleased to bring a global asset manager of Invesco’s repute to India as a partner in our asset management business. With a good 3-year performance track record and solid revenue growth, we believe that both our retail and offshore businesses would be propelled to the next level."

Invesco President and CEO Martin L Flanagan said, "Our agreement with Religare will expand the comprehensive range of investment capabilities Invesco provides to our retail and institutional clients around the world, and further position both firms for long-term success.” The assets under management of Religare MF stood at about $2.6 billion as of August 31, 2012.