JM Financial buys 60% in ASK Securities

Nimesh Kampani's JM Financial Services, which split its seven-year joint
venture with Morgan Stanley in February, today said it is buying 60% stake in institutional brokerage firm ASK Securities.The company, however, did not disclose the deal size.

ASK Group recently bought out the stake of its overseas partner Raymond
James in the joint venture ASK-Raymond James.

ASK calls off JV with Raymond James

The ASK-Raymond James JV is no more. Brothers Asit and Sameer Koticha-owned ASK Investment & Financial Consultants has bought out the 50% strategic stake from Raymond James Financial, Inc. for an undisclosed amount. Raymond James will not have any presence in India post-deal. The Kotichas have kept their options open on having financial partner or strategic investor in the future.

Subsequent to the buyback, the 50% shares will remain with the two brothers-Asit and Sameer. In the new holding pattern, the two brothers will hold 75% shares and another 25% will stay with Bharat Shah, who will be heading the ASK Investment Managers Private Limited. The ASK Group also plans to enter mutual fund, real estate and NBFC businesses.

Read the Business Standard article.