Lotus AMC is Now REL AMC

by CXOtoday Staff    Nov 28, 2008

Earlier November, Religare had announced its decision to acquire Lotus AMC and subsequently announced the restructuring plans relating to its partnership with Aegon in the asset management business in India.

Religare had a 50-50 JV with Aegon. It has also received regulatory approval for divesting its stake in this AMC partnership.

Sunil Godhwanl - CEO & managing director, Religare Enterprises Limited said, “We will start the Integration process immediately. Lotus will now be rechrlstened Religare AMC. We believe this will form a sound spring board and is a first step towards fulfilling our global asset management ambitions and we are committed to take this business to a market leading position.

Religare AMC will become a wholly owned subsidiary of Religare Securities Limited (RSL) while Aegon would now assume control of the Religare Aegon AMC, according to a press release.

REL is one of the Integrated financial services groups of India. Its businesses are broadly clubbed across three key verticals: retail, institutional and wealth spectrums.