What led you to part ways with the company?
The decision to retire was taken earlier, but I waited for the merger between Merrill Lynch and Bank of America to be smoothened out before making a public announcement. In 2006, I sold 90 per cent of the family's holdings anyway. I am now 62 and at this age, one is inclined to re-focus one's priorities in life.
How was your association with Merrill Lynch?
The venture between the DSP group and Merrill has completed almost 25 years. It was a great association. I am glad I am leaving behind a great company. We were the first on many counts in terms of introducing new concepts in Indian markets like focusing on wealth management and high net worth individuals. The new owner, BofA, has also brought in new concepts and I am happy the company will remain in safe hands.
What is the valuation at which you sold your shares and what will be the status of the DSP brand?
Since it is an unlisted firm, I would not like to disclose the valuation. As far as the DSP brand is concerned, it is for the new owners to decide whether to use it or not, though the brand belongs to me.
As you are moving out, what will be the status of the existing employees?
We have a great team and they are quality people with decades of experience. Everyone would like to retain them. I didn't take the decision to retire in a hurry. All my senior people knew at least six months ago that I would retire soon.
How does the investment banking space look like, given the uncertainties?
There will be a lot of opportunities in mergers and acquisitions as the dust settles down. It may take some time but things will look up. The future looks a bit uncertain on the initial public offer and equity side. The regulatory agencies and the finance ministry did a wonderful job in ensuring that things remain stable.
What's the status of DSP Blackrock?
My family will continue to hold 60 per cent stake in DSP BlackRock Investment Managers, while BlackRock will hold the remaining 40 per cent. I will move on to become non-executive chairman of the firm.
What are your post-retirement plans?
I have interests in philanthropic activities and will involve myself more in my family's generations-old activities in education and health. Personally I have interests in wild life and forest conservation. Hopefully, I will be able to spend more time on these things.
