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UPDATE 1-Raymond James to exit India joint venture

Wed Mar 21, 2007 10:55pm EDT

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(Repeating story issued on Wednesday)

(Adds details, changes dateline, previous MUMBAI)

NEW YORK, March 21 (Reuters) - Raymond James Financial Inc (RJF.N), a regional U.S. brokerage, said on Wednesday it is selling its stake in an India joint venture, ASK-Raymond James Securities India Pvt. Ltd.

A Raymond James spokeswoman declined further comment, saying the deal would be announced formally on Thursday.

According to its Web site, ASK-Raymond James is a money management venture between ASK Investment and Financial Consultants Ltd., Raymond James and Bharat Shah.

Raymond James said in its 2006 annual report that it was negotiating the sale of its interest in the India joint venture.

The move comes as other Wall Street banks are expanding in India, eager to tap into the region's fast growing economy. Morgan Stanley (MS.N) last month said it would build up its presence in India after exiting its joint venture with JM Financial (JMSH.BO).

Merrill Lynch, meanwhile, is paying $500 million to list its stake in DSP Merrill Lynch venture to 90 percent from 40 percent. Goldman Sachs, likewise, sold stakes in two local ventures to partner Kotak Mahindra Bank (KTKM.BO) and will expand its own businesses in the country.

((Reporting by Joseph Giannone and Dan Wilchins; Reuters messaging: joseph.giannone.reuters.com@reuters.net;+1 646 223 6184)) Keywords: RAYMONDJAMES INDIA

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