The Indian financial services firm Religare Capital Markets has agreed to a management buyout of its South African equities business a little over a year after it was created, according to recent accounts in which it also revealed plans to close down its UK investment banking unit.

Religare Capital Markets undertook a strategic review in the final three months of 2011, following the departure of former chief executive Martin Newson, with the firm choosing to focus on the distribution of Asian emerging market equities.