Blackstone acquires stake in wealth management firm ASK

On Monday, Blackstone which is famous as a private equity firm all over the world announces that it has acquired a major stake in ASK Investment Managers, a nearly three-decade-old asset and wealth management company managing over USD 10.6 billion in assets. The company has acquired the majority stake from its peer Advent International and other sellers, as per an official statement. Amit Dixit, head of Asia for Blackstone Private Equity, said: "Asset and wealth management in India is a sunrise industry benefiting from secular tailwinds including the financialisation of household savings and an emerging wealthy population seeking personalized financial advice and products”.The company aims to expand its geographic reach to over 30 cities in India as well as in select international markets. After the announcement, Sameer Koticha, the founder promoter and chairman of ASK said, "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."