CNBC-TV18 newsbreak confirmed, DSP Group to buy out BlackRock’s 40% stake in DSP BlackRock Investment Managers. The firm is proposed to be known as DSP Investment Managers; DSP BlackRock Mutual Fund is proposed to become DSP Mutual Fund@ShereenBhan @PoddarNisha https://t.co/KiCOlWESLB— CNBC-TV18 (@CNBCTV18Live) May 7, 2018
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%.
For the full interview, click here: When both sides want majority, one side has to take a call, says DSP Group