Wall Street giant Goldman Sachs Asset Management will acquire Benchmark Asset Management Company, which has about $700 million (Rs 3,200 crore) in assets under management, to expand its presence in India.
The transaction, which is subject to regulatory approvals, is expected to close later in the year. No financial details were disclosed."The acquisition of Benchmark illustrates our commitment to expand in India and we look forward to working closely with Benchmark," said Oliver Bolitho, head, Goldman Sachs Asset Management, Asia.
"As index and ETF product demand continues to grow in India, Goldman Sachs' local expertise and global platform will provide us the opportunity to grow further and enhance our offering for clients," Sanjiv Shah, executive director and co-founder, Benchmark AMC said.
MAP Advisory advised Benchmark in the takeover deal.