Blackstone-backed ASK Asset & Wealth Management gets initial SEBI approval for mutual fund venture

ASK Asset & Wealth Management Group, supported by Blackstone, has acquired an initial in-principle approval from the Securities and Exchange Board of India (SEBI) to launch its mutual fund venture. This strategic move signifies ASK's ambition to enhance its portfolio of investment solutions, which currently includes listed equity portfolio management, alternates, and wealth management. 

According to a statement released by the company, ASK currently offers portfolio management, alternate investments, and wealth management services. The upcoming mutual fund launch is aimed at broadening its range of services to cater to retail, high-net-worth (HNI), and institutional investors. The new mutual fund offering aims to provide a broader range of opportunities for investors across various segments, thereby solidifying ASK's position in the Indian financial market. 

Sunil Rohokale, Co-Founder, CEO, and Managing Director of ASK Asset & Wealth Management Group, highlighted the evolving investment landscape in India, which presents significant opportunities for the company.

“We are confident of offering differentiated products that cater to the diverse needs of investors and look forward to establishing our AMC to meet SEBI’s final approval requirements,” he noted.

This client-centric approach, rooted in comprehensive research, is expected to appeal to a wider audience, aligning with the firm’s vision of delivering top-tier investment solutions to a diverse set of investors, including retail, high-net-worth individuals (HNI), ultra-high-net-worth individuals (UHNI), and institutional investors.

The mutual fund industry in India has experienced robust growth, with assets under management (AUM) tripling from Rs 24 lakh crore in March 2019 to Rs 67 lakh crore as of January 2025. The number of unique investors has also seen a substantial increase, rising from 1.9 crore to 5.3 crore over the same period. With mutual fund penetration in India remaining significantly lower than global averages, there is considerable potential for further growth. Experts project that the industry could reach Rs 100 lakh crore in AUM within the next 4-5 years, fuelled by India's GDP growth and the increasing financialisation of savings. 

Currently, ASK Asset & Wealth Management Group oversees assets exceeding Rs 77,000 crore as of December 2024. This substantial asset base positions ASK favourably as it seeks to expand into the mutual fund sector. The company's entry into this space is expected to tap into the growing demand for diversified investment products, enabling it to cater to a wider range of investor needs and preferences. As ASK navigates the regulatory landscape to secure final SEBI approval, its strategic positioning is likely to enhance its competitive edge in the market.