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Blackstone announced on Monday that private equity funds managed by Blackstone have acquired a majority stake in ASK Investment Managers Limited (ASK), one of India's largest asset and wealth management companies, from Advent International and other sellers.

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 $10.6 billion in assets (as of December 31, 2021).

It is one of the first portfolio managers in India, with nearly three decades of experience in managing the investment needs of India's high-net-worth individuals, family offices and institutions. ASK also specializes in property investment advisory and wealth advisory services.

Amit Dixit, Head of Asia for Blackstone Private Equity, said: "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. ASK is one of the most trusted brands in wealth management, built through a track record of consistent performance, customer-centric approach, and best-in-class distributors. The company is led by an entrepreneurial management team and founder who have been together for more than a decade and established a market-leading business. We are excited to partner with ASK in the next phase of its journey."

Sameer Koticha, Founder Promoter & Chairman, ASK, 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".

Shweta Jalan, Managing Partner at Advent International, said: "We are immensely proud of all that has been achieved at the business since we became a partner over five years ago. During this period, ASK has undergone transformational change and continued to grow significantly. We would like to thank the management team for all their hard work throughout our time together and we wish the company great success in the future."