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Religare Gets Green Signal

Religare AEGON AMC gets SEBI nod to launch Mutual Fund business; to launch first product

Religare AEGON Asset Management Company Private Limited, (Religare AEGON AMC), a joint venture between Religare and AEGON, has announced that it has received the final regulatory approval from the Securities & Exchange Board of India (SEBI) to launch mutual fund business in the country. The AMC said that it is looking forward at launching its first product by Nov-Dec 2008 for the Indian retail investor.

The news comes just six weeks after Religare and AEGON opened a new life insurance joint venture in India. AEGON’s partnership with Religare is an important part of AEGON’s wider strategy to expand its presence in Asia.

Saurabh Nanavati, Chief Executive Officer, Religare AEGON Asset Management Company said “We will be shortly filing for both debt and equity products with the regulator. The AMC will have close to 15 operational branches at the time of the first product launch and this will increase to around 30 branches in over 25 cities by Mar 2009. Over the next 2-3 years, the AMC will focus on creating wide reach across India especially in Tier II and Tier III cities, with an initial target of opening at least 100 branches in the first 2 years of operations and offering the entire range of products across the client’s asset allocation spectrum.”

Adding to this Vimal Bhandari, Country Head India, AEGEON N.V. said, that AEGON has operations all over the world, therefore Indian investors will benefit not only from best local-operations but also the strength and expertise of a leading international asset manager, with more than EUR 270 billion under management

Vetri Subramaniam will head Religare AEGON Asset Management’s equity portfolio while Ashish Nigam will take charge of the AMC’s fixed income portfolio.