Fintotal News Analysis | Religare Mutual Fund to Sell 49% Stake in AMC to Invesco
Religare Mutual Fund to Sell 49% Stake in AMC to Invesco
Ruby Jacob, 29 Sep 2012

Religare Enterprises Ltd that manages Religare Mutual Fund announced yesterday about its agreement with US based Invesco Ltd to sell 49% stake in Religare Asset Management Company.

Religare AMC began operations in India in 2008 with the acquisition of Lotus Mutual Fund. Its assets under management have grown fourfold since then. It currently manages a couple of equity, debt, hybrid funds, a gold fund and two ETFs. Several of its equity and debt funds have performed well in the last three years.

Invesco is an investment management company with global presence. It has had presence in Mumbai and Hyderabad in India since 2006.

If the deal gets through, Religare will join the wagon of fund houses that have tied up with bigger fund houses or foreign players to ride rough waters.

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