DSP Merrill Lynch chairman and CEO Hemendra Kothari has agreed to sell a 50 percent, $500 million additional stake to partner Merrill Lynch. In reaching the decision, Kothari was motivated by the realization that the firm needed two things to maintain its edge: additional capital and better expertise in such areas as derivatives and private equity. DSP Merrill Lynch was established in 1995 when Merrill Lynch acquired a 40 percent stake in a venture with Kothari's DSP Financial Consultants.
Institutional Investor (International edition) v. 31 no. 1 (February 2006) p. 9, 14