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Religare Enterprises has said it will acquire Macquarie’s stake in their wealth management joint venture -- Religare Macquarie Wealth Management.
The 50:50 JV between the two investment banks was formed on 2007 to tap the fast-growing high networth individuals (HNI) client case.
The venture has assets under management of Rs 2,800 crore with client base of 4,800.
Post completion of the transaction and necessary formalities, the entity will be renamed as Religare Wealth Management (RWML) and will form a part of the broader capital markets business of Religare group,” said a statement by the company.
Shachindra Nath, group CEO, REL said, “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.”
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