Mumbai: Goldman Sachs Mutual Fund is said to be in advance talks to buy out Benchmark Mutual Fund, reports Mint today. The report says that the deal would be valued at 4 per cent to 4.5 per cent (Rs 120 crore to Rs 135 core). The ETF focused Benchmark AMC manages Rs 2,935 crore assets under management as on December 2010. It has 13 funds under its kitty. Goldman Sachs has $676.9 billion in assets under management globally.
The deal is said to be a strategic move by Goldman Sachs AMC to enter the competitive Indian mutual fund industry which is grappling with tough regulatory hurdles. Goldman had filed an offer document to launch Goldman Sachs India Equity Fund in September 4, 2008. It received SEBI approval back in 2008.
Benchmark MF did not comment on this story.
