Blackstone Group acquired a majority stake in one of India’s largest asset and wealth managers as the global investment giant looks to better tap the growing number of wealthy in Asia’s third-largest economy. The private equity fund manager bought the stake in ASK Investment Managers from Advent International and other sellers, according to a media statement. The financial details of the transactions were not disclosed. ASK, primarily catering to high net-worth individuals, has three businesses in India—portfolio management, real estate private equity and wealth advisory. It has clients across Asia, the Middle East, Africa, and Europe, and manages more than $10.6 billion in assets as on Dec. 31, 2021.
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 number of ultra-high net worth individuals, with wealth of $30 million or more, is expected to rise 63% over the next five years to 11,198 in India, the second fastest growth in the world. India is expected to be the second fastest growing country in terms of number of ultra-high net worth individuals.