Goldman Sachs Asset Management has purchased an India-based money manager, Benchmark Asset Management.Benchmark is a “big provider of exchange-traded funds,” according to the WSJ, and has about $700 million AUM.
BAM’s main portfolio is gold exchange-traded funds.
No concrete details are known about the terms of the acquisition, including the big question — how much are they paying — but it’s supposed to close this year.
rumours are circulating that GSAM paid about $29 million.
From the WSJ,
Goldman, which has had an asset-management licence in India since 2008, said it planned to launch actively managed on-shore funds in the country. Its asset-management staff in India currently provide research for offshore funds that include Indian and other emerging-market stocks.
“Significant regulatory strides have been made in India to liberalize the market for asset managers and distributors over the past two years,” said Oliver Bolitho, head of Goldman Sachs Asset Management for Asia, in an interview.
Goldman is battling to get GSAM back on track after a period of mediocre performance (relative to itself — it was once the world’s biggest money manager) and high-profile departures; expansion into Asian markets, including India, is one way to do that.