After life insurance, financial services group Religare Enterprises has decided to exit mutual fund business with sale of its controlling 51 per cent stake in Religare Invesco AMC to the foreign partn
After life insurance, financial services group Religare Enterprises has decided to exit mutual fund business with sale of its controlling 51 per cent stake in Religare Invesco AMC to the foreign partner Invesco.
While a number of foreign fund houses have exited the Indian mutual fund industry — the latest being Goldman Sachs — there have not been many cases where Indian entities have sold the asset management business. Earlier this year, Religare had sold its stake in its life insurance join venture. In May 2015, Religare had announced that it will exit Aegon Religare Life Insurance Company by selling its stake to existing partner Bennett, Coleman and Company Ltd (BCCL) of the Netherlands.
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