ASK Investment Managers — Deep-Dive Equity Research Report
20 November 2025 ·
A Comprehensive Deep-Dive Research Report on ASK Investment Managers: AUM, Financials, Funding, Valuation and Strategic Outlook.
Executive Summary
ASK Investment Managers (ASK IM) is one of India’s most respected asset and wealth management companies with a total AUM of ₹79,393 crore (FY25). The firm demonstrates consistently strong profitability with 50%+ PAT margins, high ROE, and a stable fee-driven business model. Backed by global private equity giant Blackstone, ASK IM is expanding aggressively across PMS, AIFs, offshore funds, and is preparing to enter the mutual fund market.
Business Overview
ASK IM operates across:
High-conviction equity Portfolio Management Services (PMS)
Alternative Investment Funds (AIFs) including real estate, private credit, and long-short strategies
Offshore funds via Singapore, GIFT City, and Ireland (Dublin ICAV)
Advisory services for HNIs and ultra-HNIs
The firm combines promoter-driven stability (Koticha family) with institutional capability (Blackstone), enabling a scalable and high-governance model.
Major Funding Event
| Date | Event |
|---|---|
| 14 February 2022 | Blackstone announced the acquisition of a majority stake in ASK Investment Managers |
Valuation Metrics at the Time of Acquisition
| Metric | Value |
|---|---|
| Total Valuation | USD 1 Billion (approx. INR 7,700 crore) |
| PAT (FY22) | ₹285 crore |
| PAT Multiple | 33x |
| Revenue (FY22) | ₹646 crore |
| Revenue Multiple | 10x |
AUM Composition (FY25)
| Segment | AUM (₹ Crore) | Share |
|---|---|---|
| PMS (Equity) | 59,321 | 75% |
| AIF Platforms | 6,072 | 8% |
| International / Offshore Funds | 13,000 | 17% |
Financial Performance (FY23–FY25)
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Net Revenue (₹ Cr) | 836 | 742 | 610 |
| Profit After Tax (₹ Cr) | 444 | 403 | 312 |
| PAT Margin | 53% | 54% | 51% |
| Gross AUM (₹ Cr) | 79,393 | 65,211 | 52,341 |
| Return on Equity | 28% | 27% | 25% |
Revenue Mix (FY25)
| Revenue Stream | Contribution |
|---|---|
| Management Fees | 78% |
| Performance Fees | 12% |
| Advisory Fees | 6% |
| Other Income | 4% |
PMS Strategy Performance
| Strategy | 1-Year Return | 3-Year CAGR | 5-Year CAGR |
|---|---|---|---|
| Growth Strategy | 26% | 18% | 16% |
| Indian Entrepreneur Portfolio | 22% | 17% | 15% |
| Indian Equity Portfolio | 19% | 14% | 13% |
| India Select Strategy | 21% | 15% | 14% |
AIF Breakdown (FY25)
| AIF Category | AUM (₹ Crore) |
|---|---|
| Real Estate AIF | 3,900 |
| Long-Short / Hedge AIF | 1,450 |
| Private Credit / Debt AIF | 722 |
Ownership Structure
| Shareholder | Ownership (%) |
|---|---|
| Blackstone Group | 71% |
| Koticha Family | 16% |
| Management & Employees | 13% |
Strategic Growth Drivers
1. Mutual Fund Launch
ASK IM has received approval to launch a mutual fund business, opening doors to retail and SIP-led flows.
2. Global Expansion
Offshore funds in GIFT City, Singapore, and Dublin create high-quality, dollar-denominated business lines.
3. AIF Scaling
Real estate, private credit, and hedge AIFs diversify revenue and reduce reliance on PMS.
4. Technology Investment
Digital distribution, analytics, and scalable PMS onboarding support nationwide expansion.
5. Strengthened Leadership
Senior hires across equity and alternatives enhance institution-level capability.
SWOT Analysis
Strengths
Strong brand in HNI wealth management
High-margin, fee-driven model
Blackstone-backed governance
Multi-asset AIF capabilities
Strong performance track record
Weaknesses
High dependence on equity markets
Premium fee structure limits retail penetration
Opportunities
Mutual fund expansion
Offshore client base
Growth in private credit
Rising Indian HNI population
Threats
Regulatory changes (PMS/AIF)
Competition from AMCs and fintechs
Market-driven AUM fluctuations
Outlook & Investment View
ASK IM is expected to deliver a high-teens AUM CAGR over the next 3–5 years, supported by PMS strength, AIF expansion, and mutual fund entry. With consistent margins above 50%, a strong balance sheet, and scalable distribution, ASK IM remains one of India's most attractive unlisted asset management businesses.
Overall View: ASK IM represents a premium, high-quality wealth and asset management franchise with long-term compounding potential.