US firm to buy 100% share in its Indian joint venture
The objective of the agreement is to serve the investment needs of domestic and global investors— individual, corporate and institutions – through mutual funds and sub- advised portfolioUS-based asset management firm Invesco has decided to buy 100% share of its Indian joint venture with Religare Enterprise (REL). At present, Religare holds controlling 51% share in the joint venture, Religare Invesco Asset Management Company Private Limited (RIAMC), which has average asset base of more than Rs.21,593.51 crore. “We are very excited about the long term prospect of the important Indian market. Religare Invesco has a highly capable management team that understands the dynamic of this complex yet vibrant market,” said Andrew Lo, Senior Managing Director and head of Asia Pacific for Invesco. “By taking full ownership of this business, we will further deepen our presence in India and enhance our ability to meet client need across the globe,” he said. The objective of the agreement is to serve the investment needs of domestic and global investors— individual, corporate and institutions – through mutual funds and sub- advised portfolio. “In the best interests of our India asset management business, we are very happy to accept Invesco’s offer to increase its shareholding in this venture. Invesco’s decision is not just an endorsement of the Indian macro but also the overall quality of the management team, as well as the disciplined path they have diligently followed over the years,” said Shachindra Nath, Group CEO Religare.
November 19, 2015 |3:15pm IST
to success.