The Financial Services Group of Macquarie Bank is establishing a business enterprise in India, where it will provide advisory-based wealth management solutions to the country’s fast-growing number of high-net-worth investors.
The venture is a partnership between Macquarie and Indian financial services company Religare Enterprises, and will provide clients with a variety of wealth management services. These will include access to individually managed fund products, structured products and equity investments as part of an actively managed model portfolio of investment assets. New products will be developed by the business, which expects to be renamed Religare Macquarie Wealth.
Under the joint venture agreement, Macquarie will become a 50 per cent shareholder of Religare Wealth Management and will leverage the firm’s local knowledge and execution capabilities in the Indian market.
Macquarie Financial Services Group boss Peter Maher said the company had been eager to establish a wealth management operation in India for some time, but wanted to do it with a partner that had similar goals.
“Like Macquarie, Religare is entrepreneurial, its management and staff are innovative and visionary and its brand is associated with quality and trust. Religare is the perfect partner for Macquarie Financial Services in India and together we believe our wealth management investment solutions have the potential to deliver a market leading investment offering for the Indian market,” he said.
