Bengaluru, Sept. 30 -- Blackstone-backed ASK Investment Managers will acquire SageOne Investment Managers, an established asset manager operating across portfolio management services (PMS) and alternative investment funds (AIF), the companies said in a statement on Wednesday.

SageOne's founder Samit Vartak will reinvest in ASK and continue in an expanded role as the chief investment officer for equities in the combined asset management business. The deal size is likely in the range of Rs.2,000 crore (approximately $200 million), according to an industry executive, although the companies did not disclose the transaction's financial details.

Blackstone, the world's largest asset manager, will remain the majority shareholder in the new pla...