Thursday, 21 August 2014
Last updated 2 hours ago
Dec 10 2010 | 12:21am ET
Religare Enterprises is moving forward with its plans to build a family of boutique asset management firms following its purchase of a second U.S. private equity firm.
The Indian holding company, headed by industrialist Malvinder Singh and his family, hopes to add a hedge fund manager or two—as well as one of more long-only managers. The firm, which has $1 billion to spend, last week bought a majority stake in Connecticut p.e. firm Landmark Partners, and in February took a majority stake in another p.e. firm, Northgate Capital.
"Now that we have built a strong position in the less-liquid side of alternatives with Northgate and Landmark, we're very interested in the liquid side of alternatives, including hedge funds of funds and single-strategy hedge funds as well as traditional long-only and fixed-income firms," Religare Global Asset Management's Matthew Mongia told Dow Jones Newswires.
Religare bought a 55% stake in Landmark, which has more than $8.3 billion in capital commitments, for $171.5 million. It owns 60% of Northgate, which is based in California. Religare plans to leave the management teams of both firms in place.
"We are never going to buy 100% of a manager," Mongia said. "We will buy control of the firm, but leave behind a meaningful equity in the hands of the firm's management team, so there will be significant alignment of interest."
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note