Leading financial services firm DSP Group today announced to buy out BlackRock's 40 per cent stake in DSP BlackRock Investment Managers.
DSP BlackRock is a joint venture (JV) between DSP Group and BlackRock and is one of the leading asset management companies (AMCs) in the country.
DSP Group owns 60 per cent stake in the JV while the remaining 40 per cent is with BlackRock Inc.
"The JV partners have entered an agreement whereby DSP Group will acquire the entire 40 per cent stake of BlackRock, to become the sole owner," the Group said in a statement.
The firm is proposed to be known as DSP Investment Managers Pvt Ltd and DSP BlackRock Mutual Fund is proposed to become DSP Mutual Fund. However, this is subject to regulatory approvals.
"The next decade will see the asset management industry in India grow manifold and DSP Group is very well poised to capture a significant portion of that growth.
"We will continue investing in our people, our technology platforms and our relationships with clients and distribution partners, to maintain steadfast focus on delivering long-term investment excellence," Hemendra Kothari, chairman at DSP BlackRock Investment Managers said.
Ryan Stork, chairman of BlackRock Asia Pacific said the company is "committed to the Indian market for the long term and continues to be a fast-growing employer there, where we have over 1,400 employees in offices across Gurgaon, Mumbai and Bengaluru."