Religare Enterprises’ investment banking arm acquires controlling stake in Noah

Religare Capital Markets (RCML), the investment banking and institutional equities arm of integrated financial services group, Religare Enterprises, has acquired the controlling stake in local broker Noah Financial Innovation (Proprietary), ('Noah').

Noah is an established player in the South African market, offering tailored execution and independent research to the institutional investment community. The acquisition boosts RCML's existing trading, sales trading and research capability in South Africa, adding some 20 professionals to the team as well as an innovative network of sector specialists who provide content and research services. This move accelerates RCML's push into one of the world's major emerging markets.

In 2010-11, RCML acquired Barnard Jacobs Mellet (UK) and Barnard Jacobs Mellet (USA) LLC, both highly-rated distribution platforms for South African equities in London and New York. RCML has since then added research analysts who cover the South African banking, telecoms, media and mining sectors.

South Africa is one of the markets RCML has identified as of key strategic importance and the Noah acquisition complements the existing team by providing a meaningful local presence. Further, RCML is now present in nine countries and has more than 300 staff, including investment bankers, analysts and sales and trading teams situated in London, New York and across emerging markets.