Religare MF will now be Religare Invesco Mutual Fund

Religare Enterprises Limited (REL), a leading diversified Indian Financial services group and Invesco Limited, a leading independent global investment management firm with over US$ 748.5 billion of assets under management (as of April 30, 2013), today announced the completion of the transaction, naming Invesco as the joint venture partner in Religare Asset Management. On March 28, 2013, Invesco acquired 49% shareholding in Religare Asset Management Company Private Limited and Religare Trustee Company Private Limited and now acts as the co-sponsor of Religare Mutual Fund. Religare Mutual Fund will now be known as Religare Invesco Mutual Fund. The mutual fund schemes will also be renamed accordingly.

Religare Asset Management is among the Top 15 asset managers in India and currently manages over INR 15,608 crores (US$ 2.89 billion) of average assets under management (quarter ending March 2013, including offshore and domestic advisory). The transaction was announced on September 27, 2012, where the NYSE-listed Invesco Ltd., (through its indirectly wholly owned subsidiary Invesco Hong Kong Ltd.) had announced its intention to acquire 49% stake in Religare Asset Management Company Private Limited and Religare Trustee Company Private Limited. All necessary regulatory and board approvals have been received.
The Boards of the Asset Management Company and the Trustee Company have also been reconstituted. Mr. Andrew Lo, Senior Managing Director and Chief Executive Asia Pacific - Invesco, has joined the AMC Board of Directors while Mr. Dean Chisholm, Regional Head of Operations, Asia Pacific – Invesco has joined the Board of Directors of the Trustee Company.
Mr. Saurabh Nanavati will continue to head the joint venture as the Chief Executive Officer along with the existing senior management team.