Religare sells stake in MF arm to US invesco
Religare Enterprises today said Invesco, a US-based asset management company (AMC) has acquired a 49% stake in its subsidiary, Religare Asset Management Company.business Updated: Sep 27, 2012 22:33 IST
Religare Enterprises on Thursday said Invesco, a US-based asset management company (AMC) has acquired a 49% stake in its subsidiary, Religare Asset Management Company.
Religare did not disclose the size of the deal. However, industry sources say the deal size could be around Rs 450 crore.
"Religare's asset management business has consistently focused on developing its investment capabilities through a well defined proprietary investment process both in equity and fixed income," said Sachindra Nath, CEO, Religare Enterprises. "With a good 3-year performance track record and solid revenue growth, we believe that our retail and offshore business would be propelled to the next level of growth."
Invesco is a US-based AMC managing assets worth $646.6 billion. NYSE-listed, with a market-cap of $11 billion, it is present in over 20 countries. Retail investors comprise 60-65% of its assets under management.
Religare said the JV, Religo Invesco Asset Management Company, will have Shubhash Nanavati, CEO, Religare AMC, as head. Its shares were up 3.59%, or Rs 11.45, to close at Rs 330.