Mumbai: Financial services firm DSP Group is buying out BlackRock's entire stake in DSP BlackRock Investment Managers (DSP Blackrock). DSP Group owns 60 per cent in the joint venture and the rest is held by BlackRock Inc. "The joint venture partners have entered an agreement whereby DSP Group will acquire the entire 40 per cent stake of BlackRock, to become the sole owner," DSP Group, which is led by Hemendra Kothari, said in a statement.

Following the acquisition, the firm will be renamed as DSP Investment Managers Pvt Ltd, while DSP BlackRock Mutual Fund will become DSP Mutual Fund. However, this is subject to regulatory approvals.

"The next decade will see the asset management industry in India grow manifold and DSP Group is very well poised to capture a significant portion of that growth...We will continue investing in our people, our technology platforms and our relationships with clients and distribution partners, to maintain steadfast focus on delivering long-term investment excellence. Pursuing the investor's best interests is always at the forefront of all that we do and our unwavering integrity and commitment to excellence has helped us earn our clients' trust. This will remain the core of our mission, as we enter this next phase as DSP Mutual Fund." Kothari, chairman at DSP BlackRock Investment Managers, said.

It was DSP Group's joint venture arrangement with Merrill Lynch Investment Managers in 1996 that saw the establishment of its retail asset management business in India - DSP Merrill Lynch Asset Management (India) Ltd. This business went on to become DSP BlackRock Investment Managers Pvt Ltd. in 2008 after BlackRock Inc took over Merrill Lynch's global asset management business in 2006.

Since then, DSP BlackRock has improved its presence with its investment teams managing active as well as passive investments across both equities and fixed income. DSP BlackRock manages assets in excess of Rs 1,10,000 crore ($ 16.5 billion).