Religare Enterprises Limited (REL) announced its decision to acquire Macquarie’s stake in its wealth management joint venture - Religare Macquarie Wealth Management Limited. The equal partnership JV was formed in 2007 to serve the fast growing Indian High Net Worth individuals (HNI) client base, leveraging Religare’ s local knowledge and Macquarie’s global expertise.
The venture has made steady progress over the last 5 years and has positioned itself as an advisory led platform delivering ‘Simplified Wealth Solutions’ via its three core pillars of strong wealth advisors, best practice processes and world class investment solutions for HNI’s in India . The open architecture platform has currently close to Rs 28 Bn of Assets Under Management (as on 31st March 2013) servicing over 4800 clients through its committed team of professional wealth advisors. Among other accolades, it has also won an award for the “Most exciting new wealth management model” in 2009-10.
Post completion of the transaction and necessary formalities, the legal entity will be rechristened as Religare Wealth Management Limited (RWML) and will form a part of the broader Capital Markets Business of Religare group. There will be no change in the management team and the team will report to Basab Mitra, CEO –Capital Markets and Wealth Management for Religare group.
Commenting on the development, Shachindra Nath, Group CEO, REL 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.”
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