Mumbai Blackstone-backed ASK Asset & Wealth Management Group has received an in-principle approval from SEBI for its mutual fund venture.

The MF offering will complement ASK’s existing suite of investment solutions, which cover listed equity portfolio management, alternates and wealth management, providing a broader range of opportunities for investors across segments.

Sunil Rohokale, Co-Founder, CEO & Managing Director, ASK Asset & Wealth Management Group, said the investment landscape of the country is evolving rapidly and there are tremendous opportunities to offer for ASK’s research-driven, client-centric investment approach to a wider audience.

“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 added.

The entry into the MF segment aligns with the firm’s vision of expanding its reach and offering best investment solutions to retail, HNI, UHNI and institutional investors.

The MF industry has seen a significant growth and AUM has grown 3 times from ₹24 lakh crore in March 2019 to ₹67 lakh crore as of January 2025.

Unique investors have also seen a similar rise from 1.9 crore to 5.3 crore investors in the same period.

Despite the growth the current MF penetration is significantly lower than global levels presenting a substantial opportunity. With India’s GDP growth and increasing financialisation, the MF industry is expected to touch ₹100 lakh crore AUM in the next 4-5 years, he added.

Currently, ASK Asset & Wealth Management Group manages assets over ₹77,000 crore as of December, 2024.