India’s Religare Enterprises has decided to sell its entire 51% stake in asset management joint venture Religare Invesco Asset Management Company (RIAMC) to its foreign partner Invesco.
Invesco, which acquired a 49% stake in the asset management company in March 2013, had an option to further raise its stake in March 2016. The American fund house has opted to exercise that now.
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RIAMC’s average asset under management (AuM) stood at INR215.93bn at end September 2015, marginally above INR210bn as on 31 March 2015.
Thought terms of the deal, which is subject to regulatory approval, have not been disclosed.
As part of the deal, RIAMC CEO Saurabh Nanavati will continue to head the fund house together with the existing senior management team.
Commenting on the deal, Invesco senior managing director and head of Asia Pacific Andrew Lo said: "We are very excited about the long-term prospects of the important Indian market. By taking full ownership of this business, we will further deepen our presence in India and enhance our ability to meet client needs across the globe."
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