American private equity firm Blackstone has closed its previously announced deal to acquire a majority stake in India-based ASK Investment Managers.

Under the agreement, private equity firm Advent International and cofounder Asit Koticha respectively sold their 49% and 11% stakes in the firm to Blackstone, according to a report by The Economic Times.

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The size of the stake and the financial terms of the deal were not disclosed by the companies.

First announced in August 2021, the deal was approved by the Competition Commission of India in November.

ASK provides portfolio management services to individuals, family offices and other entities across Europe, Asia, Africa and the Middle East.

The firm also specialises in investment solutions, investment advisory services, and wealth management and wealth planning services.

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As of 31 December 2021, the firm managed over $10.6bn in assets.

Blackstone Private Equity Asia head Amit Dixit said: “ASK is one of the most trusted brands in wealth management, built through a track record of consistent performance, customer-centric approach, and best-in-class distributors.

“The company is led by an entrepreneurial management team and founder who have been together for more than a decade and established a market-leading business. We are excited to partner with ASK in the next phase of its journey.”

Commenting on the deal, ASK founder promoter and chairman Sameer Koticha said: “We are excited about the investment from Blackstone, as a long-term strategic partner.

“Blackstone’s global reach and deep knowledge of the financial services sector will further strengthen our asset and wealth management businesses and help us grow significantly.”

Nomura was the exclusive financial advisor to ASK and Advent on the transaction. ASK was advised by KPMG and AZB & Partners while BCG, Ernst & Young, Moelis, Simpson Thacher & Bartlett, and Trilegal served Blackstone.