INDIA - Goldman Sachs Asset Management has acquired India's largest ETF provider Benchmark Asset Management and announced plans to bring actively managed funds onshore.
In a statement today, GSAM said the acquisition should close by year end, but did not release the terms of the deal. Benchmark has $700m in assets under management.
Sanjiv Shah, executive director and co-founder of Benchmark 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."
Meanwhile, GSAM said it would bring some of its active strategies to the Indian market. The firm already has a team of eight based in Mumbai who provide research for offshore funds including Indian and BRIC equities.
GSAM Asia head Oliver Bolitho 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."
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