Religare Capital Markets (RCML), the investment banking and institutional securities arm of emerging markets financial services group, Religare Enterprises, on Monday announced the acquisition of the UK operations of Barnard Jacobs

Mellet (BJM UK).

BJM UK is a distribution platform for South African equities in the UK, serving more than 100 institutional clients.

The business will operate under the Religare brand and will be integrated into RCML’s rapidly expanding emerging markets platform.

The deal adds eight

professionals to RCML’s team. They provide distribution and execution

for South African equities. RCML has added research analysts to the team to cover banks, telecom and media. Further hiring is expected in due course.

South Africa is one of the markets RCML has identified as of key strategic importance. the company will complement the acquisition with the build-up of local presence to complete the offering.

Martin Newson, chief executive of RCML, said, “The acquisition secures a beachhead for our wider Africa ambitions. We believe the intra-emerging market deal flow will pick up significantly in future and we will be well-positioned for that.”

In September, Religare acquired a 50 per cent stake in Sri Lankan Stock broking firm Bartleet Mallory Stock Brokers.