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Invesco acquires stake in Religare AMC

The financial details have not been divulged

Global mutual fund player, Invesco Ltd, has announced that it has acquired 49 per cent stake in Religare Asset Management Company (AMC).

Invesco is listed firm on New York Stock Exchange and has assets under management of around $670 billion. However, the financial details of Religare- Invesco deal have been kept under wraps.

Shachindra Nath, Group CEO, Religare Enterprises Limited, says, "Though every deal has a price attached to it, we would not like to disclose it. But this deal will open a big window for us in the global markets and we believe that both our retail and offshore business would be propelled to the next level from hereon."

As Indian mutual fund industry passes through a consolidation phase it is being seen that many foreign players are entering into the Indian asset management business. In the past we saw Japan's Nippon Life acquiring 26 per cent stake in Reliance Mutual Fund and Axis Mutual Fund selling its 25 per cent stake to UK's Schroders. At the same time, US-based T Rowe Price and Nomura entered India through acquiring stake in UTI Mutual Fund and LIC Mutual Fund, respectively.

As on June 2012, Religare mutual fund had average assets under management of Rs 10,958 crore, according to Association of mutual Fund in India (AMFI). Religare started its asset management business in 2008 after acquiring Lotus Mutual Fund and renaming it as Religare Mutual fund.