Aegon, Religare call off mutual fund tieup

New Delhi, Nov 21 (UNI) Religare Enterprises and Dutch financial services major Aegon today said they have decided to part ways, a month after just getting the Securities and Exchange Board of India's (Sebi's) green signal to launch an asset management company.

Aegon will assume control of Religare Aegon Mutual Fund, a 50:50 joint venture. Lotus India Mutual Fund, which was acquired by Religare Aegon two weeks ago, will be Religare's asset management business in India, a joint statement said.

Though the two partners have decided to end their relationship in the mutual fund venture, there will be no change in the shareholding of Aegon Religare Life Insurance at the moment, it added.

While Religare Enterprises holds a 44 per cent stake, Bennett, Coleman has 30 per cent and Aegon the balance 26 per cent.

UNI AK GL ND1212