Sydney-based Macquarie Bank has taken over 50 percent stake in Religare Enterprises’ wealth management division.

The bank has purchased the stake at par, but hasn’t revealed the financial details of the deal.

The wealth management company would be named as ‘Religare Macquarie Wealth.’

Both the companies have signed up a JV deal with the objective of offering up advisory-based wealth management solutions to the aggressive high networth investors (HNIs) within India.

According to 2007 report on Asia Pacific Wealth by Merrill Lynch Cap Gemini, the total number of individuals in the nation with net assets of at least $1 million has been augmented by 20.5 per cent to one lakh during 2006.

Sunil Godhwani, CEO and managing director of Religare Enterprises said, “The JV will include access to individual managed fund products, structured products and equity investments as part of an actively managed model portfolio of investment assets.”

“The joint venture is unique as only private banks are currently offering wealth management services. The JV will have 8 to 10 offices to begin with and will access client base of the entire Religare network. The business would be pan-Indian. We want to be among the top 3 in wealth management services,” Mr. Godhwani added.