ASK Investment Managers Ltd

ASK Investment Managers Ltd was founded in 1983, ASK IM caters to the wealth and investment mgmt. solutions of global HNIs, UHNIs, institutions & Family Offices. It is backed by Blackstone(Majority Stakeholder ~73%), the largest asset manager in the world, which has 40+ years of money mgmt. experience. Its tailored investment solutions are spread across listed equities, alternates, real estate PE, hedge funds, and wealth mgmt. It has fundamental, process-driven managers focusing on long term, predictable investments, prioritizing capital preservation.

Its overall AUM as on July ’24 stood at Rs. 830bn. It serves 25,000+ asset mgmt. clients & 3,000+ wealth families globally. It is well supported by 80+ distributors and 600+ IFAs. It has ~350 employees with strong industry experience.

Industry Tailwinds:

The asset management industry has experienced exponential growth over the last two decades. This trend has been visible across investment vehicles such as mutual funds and alternatives investments, namely PMS and AIF.

Growth Across various investments vehicles in last 10 years:
  1. Mutual Funds industry AUM grew by 5.6x to Rs. 53 Trillion.
  2. Portfolio Management Services (PMS) Assets (Ex-EPFO) grew by 8.1x to Rs. 6 Trillion. 
  3. Alternate Investment Funds (AIF) commitments grew by 98x to Rs. 11 Trillion.
Year Net Sales (₹ Crores) EBITDA (₹ Crores) PAT (₹ Crores)
2022
945.8
427.7
314.4
2023
973.8
458.3
335.8
2024
1,120.7
528.2
402.6
Growth Drivers:
  • ASK IM has delivered a healthy EBITDA margin profile in FY23 coupled with healthy revenue growth CAGR of 18% over FY19-24.
  • The financial ratios like ROE and EBITDA and PAT Margins are broadly in line with the listed peers (like Nuwava Wealth, 360 One and Anand Rathi) or better than them in some cases. However, the company is trading at a valuation discount when compared with its listed players.
  • ASK Investment Managers has 8 PMS schemes with a consolidated AUM of ~Rs.240bn and ~13,000 clients as of H1FY24. Their schemes have performed exceptionally well and have given double-digit returns over a 5-year period and since their inception too.
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