Established in 2001, Benchmark Asset Management has approximately $700m assets under management, and is one of the top Exchange Traded Funds (ETFs) provider by both market share and assets under management (AUM) in India.
In addition, Goldman Sachs plans to bring actively managed on-shore funds to India.
The existing eight member team at Goldman Sachs Asset Management in Mumbai, lead by Prashant Khemka, offers research for off-shore funds including Indian equities and BRIC equities.
Goldman Sachs Asset Management head of Asia Oliver Bolitho said that India is one of the world’s largest growth markets and a strategic priority for the 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," Bolitho said.
Benchmark Asset Management co-founder and executive director Sanjiv Shah said that as index and ETF product demand continues to grow significantly in India, Goldman Sachs’ local expertise and global platform will provide Benchmark the opportunity to grow further and enhance the offering for clients.
The terms of the transaction were not disclosed and is expected to close later in the year, subject to regulatory approvals.
