BlackRock, a New York-based asset management company, which is the largest quoted asset management company in the world, managing assets in excess of USD 1.3 trillion will acquire a 40% stake in DSP Merrill Lynch Fund Managers, a leading Mutual Fund company in India, reports Business Line.
After the acquisition DSP Merrill Lynch Fund Managers will be renamed as `DSP BlackRock Investment Managers`, while DSP Merrill Lynch Mutual Fund will be renamed, `DSP BlackRock Mutual Fund`.
DSP Merrill Lynch Fund Managers is a joint venture between DSP Group (owned by Hemendra Kothari) which owns 60% stake in the asset management company and Merrill Lynch.
Merrill Lynch had combined its investment management business Merrill Lynch Investment Managers with BlackRock in exchange for a 49% economic stake in the merged enterprise to form a new entity which operates under the BlackRock brand.
After the acquisition DSP Merrill Lynch Fund Managers will be renamed as `DSP BlackRock Investment Managers`, while DSP Merrill Lynch Mutual Fund will be renamed, `DSP BlackRock Mutual Fund`.
DSP Merrill Lynch Fund Managers is a joint venture between DSP Group (owned by Hemendra Kothari) which owns 60% stake in the asset management company and Merrill Lynch.
Merrill Lynch had combined its investment management business Merrill Lynch Investment Managers with BlackRock in exchange for a 49% economic stake in the merged enterprise to form a new entity which operates under the BlackRock brand.
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