India’s ASK Investment Managers Ltd., backed by Blackstone Inc., has appointed Akhil Chaturvedi as CEO of its mutual fund operations following regulatory approval in February. Chaturvedi joins from Motilal Oswal Asset Management Co., where he served as chief business officer for over 13 years. The move marks ASK’s expansion into India’s competitive mutual fund sector, dominated by bank-backed asset managers like State Bank of India and ICICI Bank Ltd..
ASK’s recent acquisition of Sage One Investment Managers boosted its assets under management to approximately $9 billion. India’s mutual fund industry has grown rapidly post-pandemic, with total assets doubling over five years and monthly equity inflows averaging $3 billion this year. Despite market volatility—with the NSE Nifty 50 Index down nearly 14% and foreign outflows exceeding $32 billion—Blackstone’s Ganesh Mani remains bullish on India’s long-term asset and wealth management potential.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing