The DSP Group is buying out BlackRock’s 40% stake in the asset management joint venture, marking an end to the decade old partnership. BlackRock Inc. is one of the largest listed asset management companies in the world managing assets worth $ 6.32 trillion as on March 2018.
Post the regulatory approvals, the fund house will be rechristened as DSP Investment Managers Pvt. Ltd.
DSP BlackRock manages assets in excess of Rs 1.10 lakh crore ($ 16.5 billion) across equity, fixed income and alternatives as on April 2018 with over 2 million individual investors.
The DSP Group, headed by Hemendra Kothari, is one of the oldest financial services firms in India, having commenced its stock broking business in the 1860s. The DSP Group’s joint venture arrangement with Merrill Lynch Investment Managers in 1996 established its retail asset management business in India. This business went on to become DSP BlackRock Investment Managers Pvt. Ltd. in 2008 after BlackRock Inc. took over Merrill Lynch’s global asset management business in 2006.
