UPDATE 2-Religare strikes second US asset manager deal

* Religare to buy 55 pct in Landmark for up to $171.5 mln

* Landmark has more than $8.3 bln in committed capital

* Access to emerging markets promises growth
(Adds details, company comments, background)

By Paritosh Bansal

NEW YORK, Dec 2 (BestGrowthStock) – India’s Religare Enterprises
Ltd (RELG.BO: ), looking to build a multi-boutique global asset
manager, said on Thursday it will buy a majority stake in
Landmark Partners for up to $171.5 million in its second U.S.
deal.

Religare, which was founded by the family of Indian
industrialist Malvinder Singh, said its Religare Global Asset
Management unit will buy a 55 percent stake in Simsbury,
Connecticut-based Landmark.

Landmark, established in 1989, manages 27 private equity
and real estate secondary funds-of-funds with more than $8.3
billion of committed capital. Its management team will continue
to run the operations and be responsible for all investment
decisions.

Religare, which has a $1 billion plan to build a global
asset management business, has been looking to buy controlling
stakes in independent managers focused on a range of different
asset classes, like equity, fixed income and private equity.

The deal comes as many asset management firms look to tap
emerging markets for growth. Religare is counting on its
strength in Asia to attract partners.

“Their next level of growth will come by having a deep
access to emerging markets,” Religare Enterprises Chief
Executive Shachindra Nath said. “Religare is very well poised
to provide that access, given that we are well spread across
Asia.”

Religare Managing Director Matthew Mongia, who has been
hunting for deals in North America for nearly two years, said
the “level of interest has never been higher than it is
today.”

Religare announced its first U.S. asset manager deal in
February, when it agreed to take a controlling stake in private
equity firm Northgate Capital. [ID:nSGE61M01K]

Religare’s founding family controlled Ranbaxy Laboratories
Ltd (RANB.BO: ) until 2008, when it agreed to sell its stake in
the Indian drug maker to Japan’s Daiichi Sankyo Co Ltd
(4568.T: ).

Jefferies & Co and Religare Capital Markets advised
Religare on the Landmark deal.
(Reporting by Paritosh Bansal; Editing by Phil Berlowitz and
Gerald E. McCormick)

UPDATE 2-Religare strikes second US asset manager deal