Invesco Ltd, a global investment management firm, on Thursday, entered into an agreement with Religare Enterprises Limited (REL) to acquire a 49 percent interest in Religare Asset Management Company (RAMC) Limited.
“The joint venture, Religare Invesco Asset Management Company, will be headed by Saurabh Nanavati (CEO- RAMC) along with the existing management team,” said a press release issued jointly by Invesco and and Religare.
RAMC is the asset management arm of RELwith combined (onshore and offshore advisory) assets under management of over $2.6 billion (as of August 31, 2012) and a presence in 53 cities across the country .
Invesco at present has a presence in India (Mumbai) through its affiliate WL Ross & Co. It also operates an enterprise centre in Hyderabad employing more than 600 staff across a range of global support functions including information technology, investment operations and finance. “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 of their growth journey,” said Shachindra Nath, Group CEO, Religare Enterprises Limited.