Religare, Australia''s Macquarie in wealth management joint venture
17 October 2007Mumbai: Religare Enterprises 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.
The 50:50 joint venture will expand Religare''s wealth management business, Religare Wealth Management Services Limited, which is a subsidiary of Religare Enterprises Limited.
The business will be renamed Religare Macquarie Wealth Limited once the formation of the joint venture is completed.
The 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.
This 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 statement.
"Religare 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.
Religare also recently partnered with AEGON, one of the largest insurance and pension companies globally, to offer insurance and mutual fund products in India.
In Australasia, Macquarie Bank provides a full range of investment banking and financial services. It has more than 11,000 staff in 24 countries.
Macquarie''s 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.