The New York-based BlackRock — the largest quoted asset management company in the world, managing assets in excess of $1.3 trillion — will acquire a 40 per cent stake in DSP Merrill Lynch Fund Managers.
DSP Merrill Lynch Fund Managers will be renamed ‘DSP BlackRock Investment Managers’, while DSP Merrill Lynch Mutual Fund will be renamed, ‘DSP BlackRock Mutual Fund’.
The DSP Group is owned by Hemendra Kothari and has a track record of over 140 years. Through its investment companies, the DSP Group will continue to retain its existing 60 per cent stake in the joint venture.
Addressing a press conference here, Mr. Kothari, Chairman, DSP Merrill Lynch Fund Managers, said, “The participation and involvement of BlackRock will facilitate continuity and enhanced focus on the growth of the joint venture.”
On September 29, 2006, Merrill Lynch combined its investment management business Merrill Lynch Investment Managers with BlackRock in exchange for a 49 per cent economic stake in the merged enterprise to form a new entity which operates under the BlackRock brand.
DSP Merrill Lynch Fund Managers was formed in 1996 as a joint venture between DSP Merrill Lynch and Merrill Lynch Investment Managers. “We recognise the growing prominence of India in international capital markets and the importance of working with strong local investment professionals to offer attractive products and services to Indian investors and our clients worldwide,” said Laurence D. Fink, Chairman and CEO of BlackRock.
BlackRock serves clients from offices in 19 countries, maintaining a major presence in North America, Europe, Asia-Pacific and the Middle East. Today BlackRock services clients in over 60 countries.
Source: The Hindu