Dalal Street icon Hemendra Kothari has announced his retirement as chairman of DSP Merrill Lynch, one of the top investment banks in the country. He has also sold his remaining 10 per cent stake in DSP Merrill Lynch to Bank of America for an undisclosed amount. “I have decided to concentrate on philanthropy, education, hospitals, hostels and wildlife conservation,” Kothari said.

As one of the three Ks (others being Uday Kotak and Nimesh Kampani) who dominated the investment banking sector, Kothari was involved in several large merger and acquisition deals and corporate fund raising plans.

Kothari, who will give up his position on March 31 this year, had sold 48 per cent stake in the company to Merrill Lynch for $500 million in 2006. With Kothari selling his remaining stake in the company, DSP Merrill Lynch will now be fully owned by Merrill Lynch or effectively by Bank of America, which took over the company recently. However, Kothari will be serving as the non-executive chairman of asset management firm DSP Blackrock.

DSP Merrill Lynch has named Kevan Watts as its India-head while Vishwabir Ahuja will continue as the head of banking.

Kothari, who represents the fourth generation of a family of prominent stock brokers, joined family firm DS Purbhoodas in 1969 and founded DSP Financial Consultants Ltd in 1975. The firm has since evolved into a full fledged financial services organisation. In 1984, DSP tied up with Merrill Lynch and in 1995 entered into a joint-venture and the name was changed to DSP Merrill Lynch Limited. He spearheaded India Inc’s maiden overseas fund mobilisation initiatives in the 80s.