Mumbai, Oct 18 (UNI) In a strategic move to take on the wealth management market in India, Religare Enterprises and Sydney-based Macquarie Bank signed a joint venture today to provide investment advisory services.
''One is judged by the company one keeps and with Macquarie we could not have asked for more,'' Religare CEO and MD Sunil Godhwani said.
''We are committed to a long-term relationship. Trust is critical in wealth management and both companies have that quality,'' Macquarie Bank Group Head Peter Maher added.
Expected to be renamed 'Religare Macquarie Wealth', the new entity will tap into the growing number of wealthy Indians with a ''sophisticated and technologically driven'' approach. Utilizing Religare's knowledge of the domestic market and Macquarie's global connections, the new venture will provide ''client centric'' investment and management advice to suit clients in both the domestic and international markets.
''Young people now have disposable income and need advice on how to invest in a market that lacks sophistication, and is product and distribution driven,'' Religare Brand and Corporate Communications VP Subhrangshu Neogi said.
Even though no one has estimated the size of the (wealth) market, India has the second highest growth rate in the number of millionaires after Singapore in Asia, and the economy is expected to overtake Japan's by 2025 and become the second largest economy after the US by 2050.
Religare, a Ranbaxy promoter group, has 1,217 retail networks across 392 cities and towns. It has a customer base of 3,50,000 and employs 6,000 people.
Sydney-based Macquarie has 60 offices in 24 countries including the UK and the US with assets of USD 225 billion which include non-traditional ones like airports, toll roads and utility companies.