Indian financial services giant Religare Enterprises today earmarked up to $1bn (€735m) to build its global funds business, with the first step in the strategy being the acquisition of a majority stake in US private equity firm Northgate Capital.

Religare's board today decided to set aside the cash to invest in asset management businesses around the world, according to a statement from the company. It said its strategy will be to partner with asset managers around the world across a variety of asset classes and strategies, with the company providing strategic support and capital to its affiliates.