Religare Enterprises Limited has agreed to buy Lotus India Asset Management Company from majority shareholders Alexandra Fund Management (an affiliate of Fullerton Fund Management Company Ltd) and Sabre Capita.
Lotus India AMC manages over Rs 5,000 crore in domestic mutual funds. Religare will immediately strengthen this position further by infusing additional funds into the schemes of Lotus India AMC. Existing investors in Lotus mutual funds will continue to be supported and served in a seamless fashion.
Confirming this development Sunil Godhwani-CEO & Managing Director, Religare Enterprises Limited said "We are delighted to take on a business that has been backed and promoted by institutions of such stature and pedigree and look forward to taking it to the next level of growth. Like all other businesses that Religare operates globally we are committed to building it further as a business of excellence with a leadership position."
Mr Gerard Lee, CEO, Fullerton Fund Management said "We are pleased to transfer ownership to a leading financial services brand such as Religare with its strong reach and distribution might. Under the new stewardship we firmly believe that Lotus will scale greater heights and we see this stake sale as the beginning of a new strategic relationship with Religare."
Religare has an existing presence in the asset management space through a JV with Aegon and post approvals of this acquisition it intends to further strengthen its position in this category in the Indian market.
