ASK Asset & Wealth Management Group has received an In-Principle Approval (IPA) from the Securities and Exchange Board of India (SEBI) to launch its mutual fund business.
The Blackstone-backed firm plans to offer research-driven investment solutions for Indian investors.
ASK already provides portfolio management, alternate investments, and wealth management. The mutual fund launch will expand its offerings, targeting retail, high-net-worth (HNI), and institutional investors, the company said in a statement.
The mutual fund industry’s assets under management (AUM) have tripled from ₹24 lakh crore in March 2019 to ₹67 lakh crore in January 2025. The number of unique investors has also grown from 1.9 crore to 5.3 crore in the same period.
ASK sees an opportunity in India’s underpenetrated mutual fund market and expects AUM to reach ₹100 lakh crore in the next 4–5 years.
ASK will now meet SEBI’s final approval requirements before launching its mutual fund products.
ASK manages assets worth ₹77,000 crore as of December 31, 2024. It operates in India, Dubai, and Singapore, offering portfolio management, real estate private equity, private credit, and hedge funds.
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