Private equity funds managed by Blackstone have acquired a majority stake in ASK Investment Managers Limited (ASK) - an asset and wealth management company - from Advent International and other sellers according to a press release.

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ASK is one of the leading asset and wealth managers in India catering to clients across Asia, the Middle East, Africa, and Europe, and manages more than USD 10.6 billion in assets (as of December 31, 2021), the press release claimed.

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ASK also caters to the property investment advisory and wealth advisory services.

“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,” Amit Dixit, Head of Asia for Blackstone Private Equity, said.

“We are excited to partner with ASK in the next phase of its journey,” he 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," Sameer Koticha, Founder Promoter & Chairman, ASK, said.

Blackstone is among the world’s largest alternative asset manager with USD 881 billion in assets under management which includes investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity among others.