Limited, a Ranbaxy promoter group company, has signed a joint venture agreement
with Australia''s Macquarie Bank for setting up a wealth management joint venture
in India, the companies said in a statement.
50:50 joint venture will expand Religare''s wealth management business, Religare
Wealth Management Services Limited, which is a subsidiary of Religare Enterprises
The business will be renamed Religare Macquarie Wealth Limited once
the formation of the joint venture is completed.
joint venture will leverage Religare''s market access and execution capabilities
and the wealth management and product expertise of Macquarie''s Financial Services
Group to provide advisory-based wealth management solutions to the fast growing
number of high net-worth investors in the country.
joint venture will offer individual managed fund products, structured products
and equity investments, as part of an actively managed model portfolio of investment
assets. In addition to the provision of wealth management services, the JV will
develop its own innovative structured products, the companies said in a joint
diligently works towards wealth creation and management, and our partnership with
Macquarie will further strengthen our presence in this space. Both Religare and
Macquarie are highly recognised providers of financial services and both are committed
to meeting the needs of the increasing demands of the Indian investors. It is
a marriage of strengths. Together we will create a platform offering a range of
products and services to high net worth investors," Sunil Godhwani, CEO and
managing director of Religare Enterprises, said.
also recently partnered with AEGON, one of the largest insurance and pension companies
globally, to offer insurance and mutual fund products in India.
Australasia, Macquarie Bank provides a full range of investment banking and financial
services. It has more than 11,000 staff in 24 countries.
Financial Services Group, one of Macquarie''s seven arms, manages Macquarie''s retail
client base in Australia, New Zealand and Thailand. It has two key divisions,
Macquarie Adviser Services and Macquarie Private Wealth, which together offers
services like stockbroking, private banking and wealth management, etc.