Goldman Sachs Asset Management has acquired Benchmark Asset Management, the biggest ETF provider in India and issuer of the largest Gold index fund in the country.
GSAM says the acquisition should close by year end, but the firm did not release the terms of the deal. Benchmark has $700m in assets under management. Sanjiv Shah, executive director and co-founder of Benchmark says: "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 researc...
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