Religare out of mutual fund JV with Dutch Aegon

Religare out of mutual fund JV with Dutch Aegon

Reuters

Mumbai: Financial services firm Religare Enterprises Ltd said on Friday Dutch insurer Aegon would take full control of their asset management joint venture, but a life insurance venture would carry on unchanged.

Religare agreed to buy Lotus India Asset Management Company Pvt Ltd earlier this month.

Lotus India AMC a joint venture between Fullerton Fund Management Group, a unit of Singapore’s state-run investor Temasek, and London-based Sabre Capital Worldwide, has more than Rs50 billion ($1 billion) of funds under management.

Religare is controlled by the Singh family, who recently sold their stake in drug maker Ranbaxy Laboratories Ltd to Japan’s Daiichi Sankyo.

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