Advent International is reportedly weighing options to divest its stake sale in Indian investment and wealth management firm ASK Group.
The company is in talks with Japanese broker Nomura for a potential sale, Bloomberg reported citing people familiar with the matter.
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Advent is looking for a valuation of over $1bn for ASK Group in a deal, which may take longer owing to the raging Covid-19 outbreak in India, the report says.
Founded in 1983, ASK Group primarily caters to HNW and UHNW individuals, institutional clients, family offices, pension funds, funds of funds, and sovereign wealth funds across Asia, the Middle East, Africa, and Europe.
The company has four ley businesses, namely, ASK Wealth Advisors, ASK Property Investment Advisors, ASK Pravi Capital Advisors, and 20 offices and branches across India, Dubai, and Singapore.
As of 31 March 2021, ASK Group managed more than $9bn (INR660bn) in assets.
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By GlobalDataAdvent purchased a significant holding in the firm in 2016 for an undisclosed amount.
The transaction was the first investment that Advent made in India from its $13bn global private equity fund, GPE VIII.
In March this year, Asia-focused investment group PAG made an investment of $325m in Edelweiss Wealth Management (EWM), the wealth management business of Edelweiss Group.
As part of the investment, PAG also acquired a 61.5% stake in the firm owned by prior investors Kora Management and Sanaka Capital in EWM.
