The 45 member team of Benchmark MF will join Goldman Sachs
Mumbai: Goldman Sachs will retain the 45 member team of Benchmark Mutual Fund after its formal announcement of the buyout today.
“The entire 45 member team is going to join Goldman. Goldman has bought Benchmark mainly because of ETFs,” said Rajan Mehta, Executive Director, Benchmark MF.
Goldman Sachs Mutual Fund today announced that it has agreed to acquire Benchmark Mutual Fund. Media reports peg the deal at Rs 130 crore. The transaction is expected to close later in the year after getting SEBI nod. The terms of the transaction are still under wraps. Following the buyout, Goldman Sachs plans to bring actively managed on-shore funds to India.
Benchmark Mutual Fund has 13 ETFs under its kitty which together manage Rs 2,935 crore as on October-December quarter.
“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 - building on the strong expertise that Prashant Khemka's team has established," Oliver Bolitho, Head of Goldman Sachs Asset Management in Asia.
Goldman Sachs has a team people on board in Mumbai headed by Prashant Khemka. The team currently provides research for off-shore funds including Indian equities and BRIC equities.
“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,” said Sanjiv Shah, executive director and co-founder of Benchmark Mutual Fund.
