Religare arm buys UK firm to access South African equities business

Religare Capital Markets Ltd (RCML), the investment banking and institutional securities arm of Religare Enterprises Ltd, has acquired the UK operations of Barnard Jacobs Mellet (BJM-UK). The acquisition gives Religare group access to the distribution platform for South African equities in the UK.

Jacobs Mellet serves over 100 institutional clients in the UK.

The business will now operate under the Religare brand and Religare Enterprises plans to rapidly integrate BJM's business into RCML's expanding emerging markets platform, the company said in a filing with the Bombay Stock Exchange (BSE).

BJM is a highly rated distribution platform serving over 100 institutional clients and its addition gives RCNL a team of eight professionals who provide market-leading distribution and execution of South African equities, according to the company.

RCML has added research analysts to the BJM team to cover banks, telecom and media and plans further hiring in the near future.

RCML plans to complement the acquisition with a South African presence to complete the process.