Indian asset management firm to enter Gulf

Religare global asset management, having an asset under management of over $15 billion and a subsidiary of India-based financial services group Religare Enterprises, plans to expand its asset management business in the GCC region and open its regional headquarter in Dubai early next year, a senior official of the firm has said.

“We already have presence in Dubai through our group company, Religare Capital Markets. However, our aim is to expand our asset management business in Dubai and the region by building a team focused on our asset management operations. We will start work on the same in Q1 2011,” Paresh Thakker, Head - Group M&A and Managing Director (Global Asset Management), Religare Global Asset Management, told Emirates 24|7.

He said, among other things, a crucial role of this local coverage and capital introduction team in Dubai would be to help our affiliates (acquired firms) with relationship building and investors' introduction and also increase the deal flow for them. Besides, the team would also assist our affiliates in identifying investment avenues.

Religare global asset management is a multi-boutique asset management platform, wherein we are planning to acquire controlling stakes in the best-of-breed asset management firms in different segments globally, including private equity funds, hedge funds, infrastructure funds, traditional long-only equity funds and fixed income funds among others,” Thakker added.

The firm has set aside a war chest of $1 billion for expanding its global asset management business and has recently set up offices in Hong Kong and Japan.

Earlier this month, it acquired a 55 per cent stake in the US-based Landmark Partners, a private equity and real estate fund-of-funds asset manager focused on secondary transactions, for $171.5 million.

Additionally, in February this year it announced acquisition of Northgate Capital, a global private equity and venture capital firm based in the US and the UK.

Asked whether the firm be announcing any deals early next quarter in the GCC region, he said: “'So far we've evaluated more than 125 transactions across the globe including several in GCC region. However, it would be difficult to predict the timing of the next announcement.”

“Although we're not actively targeting any firm currently, but as and when an opportunity comes up we would definitely look at it,” he said when asked whether the firm would be open to acquiring regional private equity firms in the GCC.

He said: “The GCC is an important market for us to have our presence and the region presents a large set of opportunities in different segments as part of our plan: adding: “We may also consider a strategic alliance with a local firm to increase our distribution reach in GCC.”

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