CCI approves Blackstone-affiliated fund's 71.25% stake in ASK Investment Managers

The Competition Commission of India (CCI) approved Blackstone-linked BCP TopCo XII Private Limited's acquisition of 71.25 per cent stake in wealth management firm ASK Investment Managers Limited.

BCP TopCo XII is an affiliate of funds advised or managed by the affiliates of the Blackstone Group Inc, noted CCI in an official statement. BCP TopCo XII is primarily into investment holding and related activities. However, it is currently not engaged in any business operations in India or worldwide.

Wealth management company ASK Investment Managers Limited has an established client base in India. It is directly and through the associate and subsidiary companies, is engaged in the business of providing financial services, explained CCI.

The firm provides portfolio management services to individuals, groups of individuals, family offices and other entities. ASK Investment Managers Limited also offers investment solutions, investment advisory services, and wealth management and wealth planning services (including digital services) for individuals, family offices and corporates.

The company is also engaged in sponsoring and managing alternate investment funds; sponsoring, setting up or advising funds and providing credit facilities. The firm aids in distribution of financial products including insurance products as well as mutual funds.

In the past decade, Blackstone has invested more than $22 billion in the India and some of its existing investments include Mphasis, (its largest investment so far-- $2 billion already invested and an additional $2.8 billion commitment), Nexus Malls, and edutech player, and now Byju's-owned Aakash Educational Services.

The Wall Street major has also invested in the largest specialty glass packaging maker Piramal Glass ($1 billion), global leader in recyclable packaging tubes Essel Propack, and many others.