Religare Enterprises, an India-based financial services company, has agreed to purchase Australia-based Macquarie Group’s stake in their wealth management joint venture, Religare Macquarie Wealth Management, for an undisclosed sum.
The 50-50 joint venture was formed in 2007 to serve the High Net Worth individuals (HNI) client base in India, leveraging Religare’s local knowledge and Macquarie’s global expertise.
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Following the completion of the transaction, the new legal entity will be named as Religare Wealth Management and will form a part of the broader capital markets business of Religare group.
The management team, which remains the same as earlier, will report to Basab Mitra, CEO of capital markets and wealth management at Religare Group.
Religare Enterprises CEO, Shachindra Nath, said: "The partnership with Macquarie has been fruitful. Macquarie has decided to exit the wealth management business from Asia including India and this has created for us the opportunity to further consolidate our financial services platform in India."
"We see this new structure as a great growth enabler for the business by bringing together the broader Religare ecosystem including distribution, pan- India client base and research capabilities under a common unified umbrella," Nath added.
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