Religare buys Lotus India

Religare buys Lotus India
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First Published: Tue, Nov 04 2008. 07 09 PM IST
Updated: Tue, Nov 04 2008. 07 09 PM IST
Mumbai: Religare Enterprises Ltd, which runs an asset management company in India in partnership with The Hague-headquartered financial services house Aegon, on Tuesday acquired Lotus India Asset Management Co. Pvt Ltd. The mutual fund house, promoted by Sabre Capital Worldwide Group and Fullerton Fund Management Company Ltd, wholly owned by Temasek Holdings (Pte) Ltd, has Rs5,457 crore under management.
“They already have 38 branches and sales people in 64 locations,” said Saurabh Nanavati, chief executive officer of Religare Aegon Asset Management Company Pvt Ltd.
Nanavati declined to comment on the value of the transaction and on whether Religare Aegon would retain Lotus India’s top management.
A company release said Religare will strengthen Lotus India’s position by immediately infusing funds into its schemes.
Religare Aegon is yet to get approval from the Securities and Exchange Board of India (Sebi) for five funds that it plans to launch.
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First Published: Tue, Nov 04 2008. 07 09 PM IST