Blackstone-backed ASK Asset & Wealth Management Group receives Sebi’s in-principle nod to enter mutual fund business

Blackstone-backed ASK Asset & Wealth Management Group has been given an In-Principle Approval from the Securities and Exchange Board of India (Sebi) to start its mutual fund business.

ASK Asset & Wealth Management Group, an investment and wealth management company, will offer mutual funds according to its current investment solutions, which include listed equity portfolio management, alternates, and wealth management. This will provide a broader range of opportunities for investors across segments, the company said in a statement.

Speaking on the Sebi approval, Sunil Rohokale, Co-Founder, CEO, & Managing Director of ASK Asset & Wealth Management Group, said, “We have received an in-principle approval for entering the mutual fund business. India's investment landscape is evolving rapidly, and we see a tremendous opportunity to bring our research-driven, client-centric investment approach to a wider audience.”

He added, “We are confident that with ASK's deep-rooted expertise and commitment to long-term wealth creation, and with our legacy of trust and performance, we will be able to offer differentiated products that cater to the diverse needs of investors. We look forward to establishing our AMC to meet Sebi's final approval requirements.”

The company is currently working towards completing Sebi requirements to get the final approval and launch its mutual fund offerings.

ASK Asset & Wealth Management Group believes that the firm's entry into the mutual fund segment will help expand its reach and provide investment solutions to retail, HNI, UHNI, and institutional investors.

Rohokale also highlighted that despite the industry's significant growth, current mutual funds exposure in India is significantly lower than in the rest of the world, hence, this presents a good opportunity for ASK Asset & Wealth Management Group to enter the mutual funds segment. According to him, the mutual fund industry has seen significant growth, and Assets Under Management has grown three times from ₹24 lakh crore in March 2019 to ₹67 lakh crore as of January 2025.

“Yet, India's current mutual fund penetration is significantly lower than global levels, which presents a substantial opportunity. With India's GDP growth, increasing financialization, etc, the mutual fund industry is expected to keep pace and reach ~100 lakh crore AUM in the next 4-5 years,” he said.