DSP BlackRock - making way for Merrill Lynch exit in India
The erstwhile DSP Merrill Lynch Mutual Fund has been renamed as DSP BlackRock Mutual Fund as a result of the global merger of ML’s AMC business with BlackRock in 2006.
The change is more or less same as the shareholding patter, management, fund managers and investment objectives of the AMC remains the same. DSP group’s Hemenedra Kothari would hold 51% while Blackrock will hold 49% stake in DSP BlackRock Trustee Company Private Ltd.
DSP Blackrock has around Rs.18000 crore of assets under management and some of its equity schemes are considered among the best in the mutual fund industry.
The only visible changes shall be in the name of schemes with the prefix ‘DSP BlackRock’ instead of ‘DSP Merrill Lynch’. Similarly, all scheme materials, presentations, advertisements, communications and website would now carry the “DSP BlackRock Mutual Fund” logo.
On a lighter note, it would allay fears among those investors who have been vary of Merrill Lynch since its sellout to Bank of America.
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