Religare Capital Markets Ltd acquires UK operations of Barnard Jacobs Mellet

A Religare Enterprises Ltd unit Tuesday announced the completion of its acquisition of South African based Barnard Jacobs Mellet’s UK operations. Religare Capital Markets Ltd is the investment banking and institutional securities arm of Religare Enterprises Ltd. It purchased the UK based operations of the South African financial services firm Barnard Jacobs Mellet.

Although the company did not disclose the deal value, sources said Religare has acquired the UK operations of the South African-based BJM for $40 to 50 million, about Rs 180 crore to Rs 225 crore. The business will operate under the Religare brand and will be integrated into Religare Capital Markets’s (RCML) rapidly expanding emerging markets platform.

The acquisition of Barnard Jacobs Mellet-UK gives Religare group access to the distribution platform for South African equities in the UK. The business will now operate under the Religare brand and Religare Enterprises plans to rapidly integrate Barnard Jacobs Mellet’s business into RCML’s expanding emerging markets platform.

Barnard Jacobs Mellet is a highly rated distribution platform for serving over 100 institutional clients and its addition gives RCML a team of eight professionals who provide market-leading distribution and execution of South African equities. RCML has added research analysts to the Barnard Jacobs Mellet team to cover banks, telecom and media and plans further hiring in the near future.

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. Barnard Jacobs Mellet UK chief executive officer Dana Becker said the opportunity to join the Religare team gives the firm access to incisive emerging markets research which will greatly augment its client proposition.

This will allow Barnard Jacobs Mellet to build on the recent momentum it has achieved in its share of South African equities flow in the region, added Becker. As part of its ambitious growth strategy, RCML had recently announced plans to acquire the Hong- Kong-based research platform Central Joint Enterprises (Aviate Global – Asia) after it acquired a 50% stake in a Sri Lankan stock broking firm Bartleet Mallory Stock Brokers in September this year.

Barnard Jacobs Mellet Holdings Limited (BJM) is a South African-based investment holding company for the stock broking and asset management activities of its subsidiaries. It has three main business segments: Retail stock broking, corporate finance and settlements and prime broking services. The subsidiaries of the Company include Barnard Jacobs Mellet Corporate Finance (Pty) Ltd and Barnard Jacobs Mellet UK Ltd.

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