ASK Investment’s assets cross $1.5 bn

Mumbai-based ASK Investment Managers Pvt. Ltd, an advisory firm that caters to ultra-rich individuals and families, said on Tuesday its assets under management (AUM) have crossed Rs 10,000 crore ($1.54 billion).

This is a six-fold increase in AUM from Rs 1,500 crore as of September 2013, the firm said in a statement.

ASK Investment is part of diversified financial services provider ASK Group, which was founded in 1983 by Asit Koticha and Sameer Koticha. The group operates businesses including portfolio management, financial planning and wealth advisory, private equity fund management and real estate investment.

At the group level, ASK now manages assets over Rs 30,000 crore, the firm said in the statement.

ASK Investment is India’s largest equity portfolio management services provider. It has nearly 11% domestic market share in the overall discretionary equity assets managed under the PMS structure, as per Securities and Exchange Board of India data.

“With the recent partnership with Advent International, ASK is confident of scaling up further its existing businesses, and exploring potential new opportunities in domestic and international markets,” said Sunil Rohokale, ASK’s managing director and chief executive.

Private equity firm Advent acquired a significant minority stake in ASK Group late last year .

ASK Group raised a $220 million domestic real estate fund last year. It is now raising its fifth realty fund, a Rs 2,000 crore special situations fund. It had set up a realty-focused non-banking finance company last year. It also has a private equity business, ASK Pravi, in a joint venture with Pravi Capital.

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