Blackstone Group Inc on Monday said it has acquired a majority stake in asset and wealth management company ASK Investment Managers Ltd from existing investor Advent International and other sellers.
The investment was made through the private equity funds managed by Blackstone, it said in a statement without disclosing the financial details of the transaction.
"Blackstone’s global reach and deep knowledge of the financial services sector will further strengthen our asset and wealth management businesses and help us grow significantly," said Sameer Koticha, Founder Promoter and Chairman, ASK.
Sunil Rohokale, Managing Director and Chief Executive Officer, ASK, noted that the existing leadership team will continue to drive the company forward.
The company plans to expand to more than 30 cities in India as well as in select international markets, and technology will play a key role in its endeavors to unlock efficiencies, he added.
ASK has three key businesses in India: ASK Investment Managers, portfolio management services and alternative investment funds business; ASK Property Investment Advisors, real estate private equity business; and ASK Wealth Advisors, property investment advisors and wealth advisory and multi-family office service business.
ASK group manages assets over Rs 78,500 crore as on December 31, 2021, the statement said.
Amit Dixit, Head of Asia for Blackstone Private Equity, noted that asset and wealth management in India is a sunrise industry benefitting from secular tailwinds including the financialisation of household savings and an emerging wealthy population seeking personalised financial advice and products.
"ASK is one of the most trusted brands in wealth management, built through a track record of consistent performance, customer-centric approach, and best-in-class distributors," he added.
Blackstone's $881 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.
The alternative investment firm's recent bet on India was in an ecommerce logistics firm Xpressbees’ parent BusyBees Logistics Solutions Pvt Ltd. Mukesh Mehta, senior Managing Director at Blackstone India, said in an interaction last week that Blackstone is exploring over $100 million deals in Indian tech startups.
Last month, Blackstone set up a $900 million India logistics platform.