Kolkata, Feb 26 (UNI) Asset Management Company DSP Merrill Lynch Fund Managers is likely to be rechristened shortly as DSP BlackRock, subject to approval of the Reserve Bank of India(RBI), Executive Vice-President and Head (Equities and Corporate Strategies) Anup Maheshwari today said.
" We are expecting the approval in the next four to five months before using the new brand name in India, " he told reporters.
The renaming is on the card following merger of of the company, a hundred per cent subsidiary of the UK- based Merill Lynch,with BlackRock. The merged company will be globally knowns as BlackRock Merril Lynch from April 28.
" In India, DSP Merrill Lynch Fund Managers Ltd (DSP MLFM) will be renamed, following RBI's approval, and will be known as DSP BlackRock. Through the overseas merger, BlackRock will acquire 40 percent stake in DSP Merrill Lynch Fund Managers, if the regulator approves, " Mr Maheshwari said.
The Indian asset management company DSP Merill Lynch is a joint venture between DSP Merrill Lynch and Hemandra Kothari.
Mr Maheshwari was in Kolkata to announce the launch of DSP Merrill Lynch's Natural resources&New Energy Fund, an open-ended equity growth scheme. Around 65 per cent of the scheme's corpus will be invested in Indian companies while 35 per cent will be invested in Merrill Lynch International investment funds.
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