ASK Group, a major player in portfolio management services and wealth advisory, has decided to sell its 40% stake it held in JM Financial ASK Securities, a joint venture, to the majority partner JM Financial.
ASK Group said, in a statement, that last year both the companies had entered into a joint venture in the institutional equity broking.
The group has separate research set-ups for each of its businesses – portfolio management, wealth advisory and institutional broking.
Commenting on the new development, Asit Koticha, chairman, ASK Group said, ?We have recently applied to Sebi for our asset management company (AMC) licence. We have decided to focus on our portfolio management and wealth advisory businesses that cater to our ultra high net worth individual clients.? However, he did not reveal the total amount of the deal.
The ASK group since its inception in 1983 has been focusing on research based investment advisory services to its high networth individuals (HNIs) clients.
With over two decades of presence in the domestic capital markets, the ASK group has grown HNIs across the globe. Over the years, the group has developed independent and focused expertise in the areas of research, portfolio management and wealth advisory services.
It may be mentioned here that the JM Financial group has asset under management (AMC) business also.