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Religare Asset Management has completed a 49% stake sale to global investment management firm Invesco.
There has been a rejig in the boards of the asset management company with Andrew Lo, Senior Managing Director and Chief Executive Asia Pacific – Invesco joining the same.
Also, Dean Chisholm, Regional Head of Operations, Asia Pacific – Invesco has joined the Board of Directors of the Trustee Company.
“Saurabh Nanavati will continue to head the joint venture as the Chief Executive Officer along with the existing senior management team,” said the press release.
The mutual fund has been renamed the Religare Invesco Mutual Fund.
The change marks the finalization of a deal which began with Invesco announcing its intention to pick up 49% stake in the company in September 2012.
Invesco has in excess of $748.5 billion in assets under management as of April 30, 2013, according to the company statement.
Religare had average assets of Rs.15,608 crore during the March quarter. The mutual fund is a part of Religare Enterprises whose businesses include asset management, insurance, lending, broking and wealth management.
The various schemes of the mutual fund will also be renamed to reflect the change in now that Invesco is on board, said the press statement.
