Religare Enterprises, the Indian financial services group, has bought out Macquarie Financial Services Asia's stake in their wealth management joint venture, ending the partnership they built in 2007.

Religare Enterprises, the Indian financial services group, has bought out Macquarie Financial Services Asia's stake in their wealth management joint venture, ending the equal partnership they built in 2007.

Religare Macquarie Wealth Management was created five years ago to serve the growing Indian high net worth individuals market and take advantage of Religare's local knowledge and Macquarie's global network.

The venture has grown since and, as of 31 March 2013, records some INR28 billion ($424 million) in assets under management and over 4,800 clients.

The decision to absorb the Australian asset manager's ownership in the venture follows the latter's decision to exit the wealth management business from Asia, including India.

"The partnership has been fruitful and [the acquisition] has created for us the opportunity to further consolidate our financial services platform in India," said Shachindra Nath, group chief executive for REL.

When the transaction is complete, the legal entity will be renamed Religare Wealth Management and will become part of the capital markets business of Religare Group. There will be no change in the management team and the team will report to