Religare Enterprises, the Indian financial services group, has entered a joint venture partnership with US-based global investment manager Invesco on the former's asset management business.

Invesco has acquired a 49 per cent stake in Religare Asset Management and Religare Trustee Company and now acts at the co-sponsor of Religare Mutual Fund. The fund has since been renamed Religare Invesco Mutual Fund.

As a result of the deal, the boards of the asset manager and trustee firm have been reshuffled. Andrew Lo, senior managing director and chief executive for Asia-Pacific at Invesco, is now part of Religare AM's board, while Dean Chisholm, regional head of operations, Asia-Pacific at Invesco, has become part of the trustee firm's board. Saurabh Nanavati heads the joint venture as CEO.

The transaction was first announced in September 2012. Religare AM is one of the largest asset managers in India and currently has some $2.89 billion in assets under management as of 31 March 2013, including offshore and domestic advisory.