Religare Capital Markets (RCML), the investment banking and institutional securities arm of Religare Enterprises, promoted by Malvinder Singh and Shivinder Singh, today announced the acquisition of the UK operations of Barnard Jacobs Mellet (BJM UK), it said in a stock exchange filing.
BJM UK is a highly-rated distribution platform for South African equities in the UK, serving over 100 institutional clients. The business will operate under the Religare brand and will be integrated into RCML’s rapidly expanding emerging markets platform.
The deal adds eight professionals to RCML`s team who provide market-leading distribution and execution for South African equities. RCML has since added research analysts to the team to cover banks, telecoms and media, with further hires expected in due course. South Africa is one of the markets RCML has identified as of key strategic importance and it will complement the acquisition with the build-out of a local presence to complete the offering.
“In line with our strategy of creating the world’s pre-eminent global emerging markets investment banking institution, we are delighted to be entering South Africa. Over the coming years we believe intra-emerging market deal flow will pick up significantly and we will be well-positioned for that,” Martin Newson, CEO, RCML said in a press release.
As part of its ambitious growth strategy, RCML recently announced its intention to acquire, Central Joint Enterprises (Aviate Global (Asia)), the Hong Kong-based ideas-led research platform. In September, Religare also acquired a 50% stake in leading Sri Lankan Stock broking firm Bartleet Mallory Stock Brokers.
At BSE, shares of the company are up by 3.51%, to settle at Rs 512.00.