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India : RELIGARE moves to acquire part of PMS business of PRIME SECURITIES

August 23, 2014

Religare Enterprise, a financial Services group has acquired a part portfolio management services (PMS) business of N Jayakumar's Prime Securities.

The move is a part of Religare's plans to expand in the portfolio management field.

A person close to the matter confirmed that Religare which was seeking to expand in the PMS space has made the acquisition.

A representative for Religare also confirmed the acquisition and said it had also taken on board T.S. Anantakrishnan, a former Goldman hand who was employed with Prime.

He said Religare Portfolio Managers & Advisors (RPMA) has bought a part of the PMS business of Prime Broking Company India Limited.The T.S. Anantakrishnan-led team, which has shifted to the Religare platform, is in charge of Alternate/Hedge fund strategies as part of Religare's broader alternatives focused Global asset management platform.

He added that all clients who agreed to move to Religare had their entire portfolios transferred to Religare.

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Source: TendersInfo (India)

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