Blackstone acquires majority stake in ASK Investment Managers
1 min read 14 Feb 2022, 11:53 AM ISTNomura acted as the exclusive financial advisor to ASK and Advent on the transaction
PremiumWorld’s largest alternative asset manager, Blackstone, has acquired a majority stake in ASK Investment Managers Ltd (ASK), an asset and wealth management company, from Advent International and other sellers. The companies didn’t disclose the amount of stake sold.
ASK caters to clients across Asia, the Middle East, Africa, and Europe, and manages more than $10.6 billion in assets as of 31 December.
Nomura acted as the exclusive financial advisor to ASK and Advent on the transaction. KPMG and AZB & Partners acted as advisors to ASK. BCG, Ernst & Young, Moelis, Simpson Thacher & Bartlett, and Trilegal acted as advisors to Blackstone.
Amit Dixit, head of Asia for Blackstone Private Equity, said: “Asset and wealth management in India is a sunrise industry benefitting from secular tailwinds including the financialization of household savings and an emerging wealthy population seeking personalized 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."
ASK follows a cycle-tested investment philosophy, which prioritizes capital preservation and delivering returns through consistent growth. Its flagship portfolio, Indian Entrepreneur Portfolio, is the largest discretionary Portfolio Management Services (PMS) scheme in the country and along with ASK’s other strategies like Growth and India Select has consistently outperformed markets since inception.
Sameer Koticha, founder promoter and chairman, ASK, said: "We are excited about the investment from Blackstone, as a long-term strategic partner. This partnership is a testament to ASK’s high-quality management team and the business we have built over decades. 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."
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.
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