Blackstone acquired 70 per cent stake from promoters and employees valuing the company at $1 billion
Mumbai: US private equity and alternative asset manager Blackstone announced acquisition of a majority stake in ASK Investment Managers, one of the largest asset and wealth management firms in India for high networth individuals, in a deal worth several thousand crore rupees.
As per reports, Blackstone acquired 70 per cent stake from promoters and employees valuing the company at $1 billion.
ASK manages more than $10.6 billion (Rs 78,500 crore) in assets as of December 31, and caters to high networth clients across Asia, the Middle East, Africa, and Europe.
ASK is one of the first portfolio managers in India catering to HNIs, family offices and institutions for nearly 30 years.
Sameer Koticha, founder promoter and chairman, ASK, said: "Blackstone’s global reach and deep knowledge will strengthen our asset and wealth management businesses."