DSP Blackrock, India’s ninth largest mutual fund company, is undergoing a major upheaval in its ownership. Until now, 60% of the asset manager is owned by the DSP group, a home-grown financial services powerhouse, and America’s Blackrock, the world’s largest asset manager. Now, DSP is buying out Blackrock’s entire stake, thus taking over 100% of the ownership of the mutual fund company. Despite what it looks like at first sight, this is not the case of a foreign mutual fund exiting India. The DSP-Blackrock split has come about because the two co-owners both wanted to own 100% of the business. Since DSP was the majority stakeholder, it was able to have its way. Blackrock, for its part, is not planning to quit India—the news is that it’s looking to acquire another fund company and IDFC Mutual Fund is one possibility.
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