Religare Enterprises, an India-based financial services group, has completed the acquisition of the portfolio management services (PMS) business of Prime Broking Company, a part of N Jayakumar’s Prime Group.
The acquisition comes as part of Religare’s strategy to expand into the PMS space.
As part of the deal, Prime’s team headed by T S Anantakrishnan will move to Religare and will be responsible for alternate/hedge fund strategies of Religare’s global asset management platform.
Additionally, Religare will take over the complete portfolios of the entire Prime clients, who have agreed to get transferred.
Terms of the transaction have not been disclosed.
Religare Enterprises provides a range of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management.