BlackRock Inc, the largest quoted asset management company in the world, managing assets in excess of $1.3 trillion (approximately Rs 52,00,000 crore) will acquire a 40 per cent stake in DSP Merrill Lynch Fund Managers.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.Through its investment companies, DSP Group, owned by Hemendra Kothari , will continue to retain its existing 60 per cent stake in the joint venture. DSP Merrill Lynch Fund Managers which began operations in 1997, has Rs 34,083.7 crore — includes domestic asset management — as assets under management as on December 31, 2007. On September 29, 2006, Merrill Lynch combined its investment management business, Merrill Lynch Investment Managers (MLIM) with BlackRock in exchange for a 49 per cent stake in the enterprise to form a new entity which operates under the BlackRock brand. DSP Merrill Lynch Fund Managers was formed in 1996 as a joint venture between DSP Merrill Lynch and Merrill Lynch Investment Managers. “The participation and involvement of BlackRock will facilitate continuity and enhanced focus on the growth of the joint venture,” said DSP Merrill Lynch Fund Managers chairman Hemendra Kothari.BlackRock is a provider of global investment management services to institutional and retail clients around the world. Headquartered in New York, BlackRock has offices in 19 countries and has 5,500 employees worldwide. “Blackrock is a strong brand and offers products across asset classes. We will be able to provide a comprehensive basket of investment opportunities to the Indian investor to suit their diverse needs,” Kothari said.Laurence D Fink, chairman and CEO of BlackRock, said, “As a global investment management firm, we recognise the growing prominence of India in international capital markets and the importance of working with strong local investment professionals to offer attractive products and services to Indian investors and our clients worldwide.” DSP Merrill Lynch Mutual Fund will be renamed DSP BlackRock Mutual Fund. DSP Merrill Lynch Fund Managers was formed in 1996 as a joint venture between DSP Merrill Lynch and Merrill Lynch Investment Managers.
