Advent International and other sellers have sold a majority stake in ASK Investment Managers Ltd (ASK), an asset and wealth management company, to Blackstone, the world’s largest alternative asset manager.
ASK serves clients throughout Asia, the Middle East, Africa, and Europe, and as of December 31, it managed more than $10.6 billion in assets.
In the deal, Nomura served as the exclusive financial advisor to ASK and Advent. ASK was advised by KPMG and AZB & Partners. Blackstone received advice from BCG, Ernst & Young, Moelis, Simpson Thacher & Bartlett, and Trilegal.
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 invests according to a cycle-tested investment philosophy that promotes capital protection and sustained growth. Its flagship portfolio, Indian Entrepreneur Portfolio, is the country’s largest discretionary Portfolio Management Services (PMS) scheme, and it has regularly outperformed markets since its inception, along with ASK’s other strategies including Growth and India Select.
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.”
