(Reuters) - BlackRock Inc (BLK.N) on Monday agreed to sell its 40 percent interest in DSP BlackRock, which manages a range of co-branded mutual funds in India, to the DSP Group.
DSP BlackRock is a joint venture between the DSP Group, one of the oldest financial firms in India, and BlackRock, one of the biggest asset managers in the world.
DSP owns the remaining 60 percent in DSP BlackRock.
BlackRock said it sold its stake in the joint venture because it could not integrate DSP BlackRock onto its technology and operating platform since it was a minority stakeholder.
“However, India remains a strategic market for BlackRock globally,” said Anthony Arthur, a spokesperson for BlackRock.
Reporting By Aparajita Saxena in Bengaluru; Editing by Bernard Orr