Invesco to acquire 49% stake in RAMC
While the company did not disclose the deal value, it is reportedly being pegged at around R450 crore, which would value the AMC at around R920 crore. The joint venture, Religare Invesco Asset Management Company, will be headed by Saurabh Nanavati, CEO of RAMC, along with the management team. The transaction is subject to regulatory approvals.
“The MF industry has not been doing well for quite some time and with the equity market being flat, there has been pressure on both the toplines and bottomlines of AMCs. Consolidation in the industry was expected at some level; this is probably part of that,” said Gautam Mehra, executive director, tax & regulatory services, PwC.
RAMC ranks 14 among the 44 fund houses operational currently in the market, with assets under management (AUM) of nearly R11,000 crore for the quarter ended June 30, 2012, as per Amfi data. As per the company’s Thursday press release, RAMC had combined onshore and offshore advisory assets under management of over $2.6 billion as of August 31, 2012, with a presence in 53 cities across India.
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