Global private equity giant Blackstone announced on Monday that it has acquired a majority stake in ASK Investment Managers, a nearly three-decade-old asset and wealth management firm that manages more than $10.6 billion in assets. .
The US-based private equity fund has acquired the majority stake from its counterpart Advent International and other sellers, according to an official statement, which added that the company will expand its presence domestically and also overseas. after the agreement.
However, financial details of the deal were not disclosed.
ASK is one of the country’s premier money managers and does business in other pockets of Asia, the Middle East, Africa and Europe, he said, adding that the client base includes high net worth individuals, family offices and Indian institutions.
Blackstone has diversified its investments in India, valued at over $60 billion, and is among the country’s largest commercial property investors.
According to an August 2021 media report, Blackstone was to buy more than 70% stake in ASK for $1 billion and Advent owned 40% of the company.
In December 2021, capital markets regulator Sebi had approved the deal whereby Blackstone acquired a 71% stake in the company. Previously, it received a nod from the Competition Commission of India.
“Asset and wealth management in India is a booming industry benefiting from secular tailwinds, including the financialization of household savings and an emerging affluent population seeking personalized financial advice and products,” said Amit Dixit, head of Asia for Blackstone Private Equity.
He added that ASK is a trusted brand in the wealth management industry, built on a track record of consistent performance, a client-centric approach and top-notch distributors. It also has an entrepreneurial management team and a founder who have been together for over a decade.
Calling on Blackstone as a long-term strategic partner, Sameer Koticha, Founding Sponsor and Chairman of ASK, said, “Blackstone’s global reach and deep knowledge of the financial services industry will further strengthen our asset management business and heritage and will help us grow significantly.
In the statement, Sunil Rohokale, Managing Director and Managing Director of ASK, said the existing management team will continue to drive us forward, in line with our core values.
The company plans to expand its geographic reach to more than 30 cities in India as well as select international markets, he added.
Koticha and its subsidiaries will own 16% of the company after the deal, while Rohokale and employees will own 13%, according to a report.
Advent Managing Director Shweta Jalan said in its five-year investment, ASK has undergone transformational change and grown significantly.
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