Financial services firm Religare Enterprises today said it will set up its asset management, sales and distribution business in Japan and has hired a team from KBC Financial Products for the same.
Further, the company has applied for investment advisory and agency business licences with Japan's financial regulators and will follow it up over a period of time by applying for a discretionary investment management licence, Religare said in a statement.
The communication comes on the heels of Religare's last month's announcement to earmark around $1 billion for strategic investments in diversified asset management businesses globally.
"The hiring of the team is in tune with our plans to establish a multi-boutique investment management business globally," Religare Enterprises CEO and MD Sunil Godhwani said.
The management team in Japan comprises Takuya Koyama (CEO and Board Member), Koichi Kane (Chairman and Board Member), Mitsuhiro Morita (Head of Sales), Yuichi Sakuma (Head of Compliance) and Masako Oyama (Head of Client Service) as the initial team to kick-off its operations.
"We are very excited about being part of the set-up team for Religare's Japanese AMC," Takuya Koyama CEO and Board member for Religare's Japanese asset management company said.