Indian financial services firm Religare Enterprises is looking for potential partners in Europe and the US to create a new multi-boutique investment management company, according to the Economic Times of India.

Religare is reportedly looking to purchase controlling interests in the likes of equity, fixed income, and private equity firms. In an interview with the publication managing director Matthew Mongia is reported to have said that Religare is preparing to announce its first acquisition in the US over the next few weeks. It was one of the finalists in the auction of AIG's asset management arm in 2009, which was eventually won by Pacific Century Group. 

Religare has around $4 billion in assets under management under its India-based business alone, and was said to have been prepared to pay between $400 million to $600 million for the AIG unit. Mr Mongia noted that this range will likely hold consistent in the company's future acquisitions and that they would add more employees if necessary.

Religare intends to take between 51 and 75 per cent stakes in various businesses, but has no plans of going for 100 per cent shareholdings to allow existing management to continue growing the business, Mr Mongia said.

A spokesperson for Religare confirmed the details of the report when contacted by WealthBriefingAsia.