Kolkata, June 26 (IANS) Financial Services firm DSP group, which will be buying out BlackRock’s 40 per cent stake in DSP BlackRock Investment Managers Pvt. Ltd. is optimistic on expanding operations under a new identity, an official said on Tuesday.
The company is awaiting clearance from the capital market regulator Sebi.
“We are hoping for the clearance in around a month’s time. For us, it would be business as usual. The distribution and infrastructure remains the same. We are looking to add a few more people,” said company’s Head of Equities Vinit Sambre.
“We have always been aggressive and moving forward, we are looking to aggressively grow our business,” he said.
The company’s asset under management as on April 30, 2018 was in excess of Rs 1.1 lakh crore across equity, fixed income and alternatives with over two million individual investors.
“We are currently placed around eighth in the market. Our aim is to reach within top four,” said Sambre adding that it would be difficult to place an exact timeline on the target, however, the company is hopeful of reaching close its goal in 4-5 years.
The group had a joint venture with Merrill Lynch Investment Managers in 1996, that saw the establishment of its retail asset management business in India and this business went on to become DSP BlackRock Investment Managers Pvt. Ltd in 2008 after the US investment firm took over Merrill Lynch’s global asset management business.