Goldman Sachs’ asset management arm is to
acquire India’s Benchmark Asset Management Company, a provider of
exchange-traded funds, in a move to continue the bank’s strategic
expansion in the country.
The deal will allow the bank to bring its
actively managed onshore funds to India.
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Goldman Sachs Asset Management already has a
team of eight based in Mumbai, headed by Prashant Khemka, which
provides research for offshore funds including Indian equities and
BRIC equities.
Indian demand for Index and ETF
products
Benchmark Asset Management Company director
and co-founder, Sanjiv Shah, said the deal will meet India’s
growing demand for index and exchange-traded fund products.
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By GlobalDataBenchmark Asset Management was founded in 2001
and had about $700m in assets under management as at 31 December
2010.
Goldman Sachs Asset Management Asia head,
Oliver Bolitho, said that India, as one of the world’s largest
growth markets, is a strategic priority for the bank.
“We are pleased to announce that we will bring
on-shore funds to India – building on the strong expertise that
Prashant Khemka’s team has established, said Bolitho”
The transaction is expected to close later in
the year, subject to regulatory approvals.
