Advent picks up 41% in Ask Group for $125 m

Mumbai, December 21

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Leading wealth management player Ask Group has sold 41% stake to Boston-based private equity major Advent International for $125 million. Founders and other promoters will retain the remaining 59% in the city-based company, which is the largest in private wealth management firm in the country with an asset under management of close to Rs 30,000 crore, Ask Group MD Sunil Rohokale said.

"Out of our total AUM of around Rs 30,000 crore, only $350 million are foreign capital. So this capital infusion will not only help widen our portfolio, but will also help us get foreign clients," Rohokale said.

Stating that Advent will help in building capacities to raise foregin capital, he said, "Partnership will focus on accelerating Ask Group's growth by strengthening its team, launching new products and expanding internationally." "With the help of the Advent team, we plan to build an international franchise for investment opportunities focusing on institutional investors and family offices," he added. — PTI