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Religare Enterprises has bought into Delhi-based asset management and investment advisory PN Vijay Financial Services. This marks the latest in a string of acquisitions by Malvinder and Shivinder Singh, promoters of Religare Enterprises, who made around Rs 10,000 crore by selling their stake in pharmaceutical company Ranbaxy Laboratories to Daiichi Sankyo in 2008. The financial details of the transaction were not available.
A spokesperson for Religare confirmed the development. “PN Vijay Financial Services Pvt Ltd was taken over by us in February 2013. It is a 100 percent subsidiary of Religare Global Asset Management. However, Mr P N Vijay continues to be the portfolio manager and runs the business as before,” said the company in an emailed response. A query to Vijay did not immediately receive a reply.
Religare Global Asset Management had previously picked up a 70 per cent stake in private equity firm Northgate Capital in the financial year ending March 2011. It has also picked up a 55 per cent in Landmark Partners, which is involved in real estate investment, in addition to private equity, a transaction which was completed in FY12. PN Vijay Financial Services was first promoted as a merchant bank, according to its website. It later branched into asset management. Vijay is the promoter and managing director of the company. He had earlier worked with State Bank of India, ANZ Grindlays and Citibank.
The firm was first set up in May 1990 and has provided advisory services related to public issues, loan syndication and corporate restructuring. It has also advised on mergers and acquisitions, besides helping multinational companies with their entry strategies, said its website. Its asset management or investment advisory service targets high net worth individuals and cash-rich companies.
Religare Global Asset Management is the holding company for overseas asset managers that are acquired. There may be more acquisitions on the way. The company plans over half-a-dozen, according to its stated goals.
“Our goal is to partner with six to 10 distinct affiliates over the next three-to-five-year period to offer a breadth of investment strategies and build a significant asset management business. Currently, we have two affiliates—Landmark Partners and Northgate Capital—and our aggregate assets under management through these affiliates are approximately $13 billion,” said the company’s latest annual report.
A spokesperson for Religare confirmed the development. “PN Vijay Financial Services Pvt Ltd was taken over by us in February 2013. It is a 100 percent subsidiary of Religare Global Asset Management. However, Mr P N Vijay continues to be the portfolio manager and runs the business as before,” said the company in an emailed response. A query to Vijay did not immediately receive a reply.
Religare Global Asset Management had previously picked up a 70 per cent stake in private equity firm Northgate Capital in the financial year ending March 2011. It has also picked up a 55 per cent in Landmark Partners, which is involved in real estate investment, in addition to private equity, a transaction which was completed in FY12. PN Vijay Financial Services was first promoted as a merchant bank, according to its website. It later branched into asset management. Vijay is the promoter and managing director of the company. He had earlier worked with State Bank of India, ANZ Grindlays and Citibank.
The firm was first set up in May 1990 and has provided advisory services related to public issues, loan syndication and corporate restructuring. It has also advised on mergers and acquisitions, besides helping multinational companies with their entry strategies, said its website. Its asset management or investment advisory service targets high net worth individuals and cash-rich companies.
Religare Global Asset Management is the holding company for overseas asset managers that are acquired. There may be more acquisitions on the way. The company plans over half-a-dozen, according to its stated goals.
“Our goal is to partner with six to 10 distinct affiliates over the next three-to-five-year period to offer a breadth of investment strategies and build a significant asset management business. Currently, we have two affiliates—Landmark Partners and Northgate Capital—and our aggregate assets under management through these affiliates are approximately $13 billion,” said the company’s latest annual report.
