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Jayanta Mallick

Kolkata, Jan. 30

Religare Aegon Asset Management Company plans to launch its funds platform by September. According to Mr Saurabh Nanavati, CEO of Religare Aegon AMC, equity funds would be first in the line followed by debt products.

Aegon, the Hague-headquartered global finance major and equal equity partner for the AMC, will use the fund platform for its investments in India.

Currently, Aegon’s investments in Indian equities are worth $500 million and debt instruments account for around $160 million. Ageon is also planning to launch an India-dedicated equity fund and a few other funds — income and liquid funds — would follow soon. The 50:50 joint venture AMC will act as sub-advisor for Ageon offshore funds.

The target audience is retail and institutional investors including offshore clients. It plans to set up 100 branches in next couple of years. Key hiring in process, which is on now, is likely to be completed by May this year.

Religare Securities Ltd, a 100 per cent subsidiary of Religare Enterprises Ltd, and Dutch financial group Aegon obtained the approval from the SEBI for the joint venture AMC on January 17.

Religare Aegon AMC will venture with an initial equity capital of Rs 100 crore as against the minimum regulatory requirement of Rs 10 crore. Religare and Aegon have also tied up for a joint venture in the life insurance business — Aegon Religare Life Insurance Company.

Religare Enterprise now holds 44 per cent stake in the insurance joint venture. Earlier, it was holding 17 per cent in the joint venture through a special purpose vehicle. Aegon holds 26 per cent in the life insurance joint venture and the balance 30 per cent is held by Bennett & Coleman.

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