economy | IST

DSP Group part ways with BlackRock AMC

DSP Group, one of India's oldest financial firms ended its decade old joint-venture partnership with BlackRock AMC.
Hemendra Kothari, DSP Group chairman  on splitting up with BlackRock said, "When both sides want majority, one side has to take a call! Was just not interesting in selling majority."
DSP Group said it would buy out BlackRock's 40% stake in DSP BlackRock Investment Managers.
Kothari added that the DSP Group did have some conflict with BlackRock in terms of international expansion.
DSP has a 60% stake while BlackRock, world's largest investment management firm by assets under managemnet, has  a holding of 40%.