Yesterday, we had carried an ‘unconfirmed report’ that Lotus India AMC could be in the process of being acquired by Religare-AEGON.
Today, we received official confirmation of the same.
Financial services group Religare Enterprises Ltd (REL), confirmed that it has agreed to acquire Lotus India Asset Management Company (Lotus India AMC) from the majority shareholders, Alexandra Fund Management (an affiliate of Fullerton Fund Management Company Ltd) and Sabre Capital.
Religare has an existing presence in the asset management space through a joint venture with Aegon. It has yet to come out with its first fund.
Lotus India AMC manages assets in excess of Rs. 5,000 crore in domestic mutual funds. Existing investors in Lotus MF will continue to be supported and served in a seamless fashion.
At the end of 2005, Sandip Sabharwal moved from SBI Mutual Fund to Lotus Mutual Fund and then later to JM Mutual Fund, where he currently is CIO. When he moved to JM Mutual Fund, Tridib Pathak replaced him as CIO - Equity, Lotus Mutual Fund. Currently, Vetri Subramaniam is Head - Equity funds at Religare AEGON Asset Management.