MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, September 28, 2012 What Will Invesco's India Deal Cost? Marty Flanagan's deal with an Indian mutual fund shop will cost Invesco [profile] about $90 million. That's the pricing one "person involved in the deal" gave to the Wall Street Journal's Ashutosh Joshi and Kenan Machado. Yesterday Flanagan revealed that the Atlanta-based publicly traded U.S. mutual fund shop has agreed to buy 49 percent of Mumbai- and Singapore-based Religare Asset Management for an undisclosed sum. As of August 31, RAMC boasted more than $2.6 billion billion in assets under management. So, for Invesco's 49 percent, $90 million works out to a valuation of 7.06 percent of AUM. RAMC is the four-year-old asset management of a diversified, publicly-traded, Indian financial services company, Religare Enterprises Limited. The Religare Invesco Asset Management Company joint venture will be led by RAMC chief Saurabh Nanavati. Printed from: MFWire.com/story.asp?s=41429 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |