The Hindu Business Line : BlackRock buys 40% in DSP Merrill Lynch Fund Managers

Mr Laurence D. Fink (left), Chairman and CEO, BlackRock with Mr Hemendra Kothari, Chairman, DSP Merrill Lynch Fund Managers, at a press conference in Mumbai on Friday.

Our Bureau

Mumbai, Jan. 25 DSP Merrill Lynch Fund Managers on Friday announced that BlackRock Inc, the largest listed asset management company in the world, will acquire 40 per cent stake in the company.

After the equity restructuring, the fund management house would be renamed as ‘DSP BlackRock Investment Managers’, while the Mutual Fund house would be renamed as ‘DSP BlackRock Mutual Fund’.

Through its investment companies, DSP Group will continue to retain its existing 60 per cent stake in the joint venture. On September 29, 2006 Merrill Lynch combined its investment management business, Merrill Lynch Investment Managers, with BlackRock, in exchange for a 49 per cent economic stake in the merged enterprise to form a new equity which operates under the BlackRock brand.

The participation and involvement of BlackRock will facilitate continuity and enhanced focus on the growth of the joint venture.

“We will now be in a unique position to provide a comprehensive basket of investment opportunities to the Indian investors to suit their diverse needs. In addition, the technology platform and expertise the BlackRock team will provide to the joint venture will further strengthen our franchise,” said Mr Hemendra Kothari, Chairman, DSP Merrill Lynch Fund Managers.

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