Goldman Sachs Asset Management on Wednesday announced that it has agreed to acquire Benchmark Asset Management Company, an asset management company in India. The transaction is expected to close later in the year, subject to regulatory approvals. However, the terms of the transaction were not disclosed.
Benchmark Asset Management Company was founded in 2001 and is the number one Exchange Traded Funds (ETFs) provider by both market share and assets under management (AUM) in India. It has about $700 million assets under management. In addition, Goldman Sachs Asset Management intends to bring actively managed on-shore funds to India.
Goldman Sachs Asset Management already has an experienced team of eight based in Mumbai, headed by Prashant Khemka. The team currently provides research for offshore funds including Indian equities and BRIC equities.
Oliver Bolitho, Head of Goldman Sachs Asset Management in Asia, said: “India is one of the world's largest growth markets and a strategic priority for our firm. The acquisition of Benchmark illustrates our commitment to expand in India and we look forward to working closely with Benchmark to accelerate the growth of the business. We are also pleased to announce that we will bring on-shore funds to India.”
Sanjiv Shah, Executive Director and Co-founder of Benchmark Asset Management Company, said: “As index and ETF product demand continues to grow significantly in India, Goldman Sachs' local expertise and global platform will provide us the opportunity to grow further and enhance our offering for clients.”
