The Blackstone Group, the $150 billion alternative asset management firm, is selling its public markets fund in India to Aberdeen Asset Management Asia Ltd. Blackstone Asia Advisors LLC, which manages $1.22 billion India Fund Inc. and $60 million Asia Tigers Fund, will transfer the management, pending shareholder approval.
“The transfer of management from Blackstone Asia Advisors is in connection with the Blackstone Group’s exit from the business of managing publicly listed closed-end investment companies, focused on Asian equity markets.” Blackstone said in a statement.
Till August-end, some of the largest investments of India Fund Inc. included Reliance Industries, Infosys, ITC, HDFC Bank and TCS.
Both India Fund Inc. and the Asian Tigers fund are headed by Punita Kumar Sinha, who has been at the helm of the India Fund since 1997. With this sale, Punita has also decided to leave Blackstone.
A senior managing director of The Blackstone Group, Punita has more than 20 years of experience in fund management across international and emerging markets. Prior to joining Blackstone, she was the managing director and senior portfolio manager at Oppenheimer Asset Management Inc. and CIBC World Markets, where she was also the fund manager for the India Fund and the Asia Tigers Fund.
The advisory fee rates under Aberdeen will be the same and it has been also agreed to cap total fund expenses. Aberdeen Asset Management has $298.3 billion in assets under management, with its regional head office in Singapore. Aberdeen manages over $74 billion in the Asia-Pacific (excluding Japan) equity securities including Indian equity securities.