New York-headquartered, BlackRock has acquired the 40% stake held by Merrill Lynch in mutual fund DSP Merrill Lynch Fund Managers. The mutual fund house will be renamed DSP BlackRock Mutual Fund while DSP Merrill Lynch Fund Managers will be renamed ‘DSP BlackRock Investment Managers’.

The remaining 60 per cent will continue to be held by the DSP Group (Hemendra Kothari and his associate companies).

Hemendra Kothari, chairman of DSSML-FM, said the deal is in line with the realignment of Merrill Lynch asset management business and there is no cash transaction involved.

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