Goldman gets nod for MF
ASIANAGE
Mumbai, Sept. 1: Goldman Sachs said it has regulatory approval to launch mutual funds in India, Asia’s third-largest economy, joining the likes of AIG, JPMorgan and South Korea’s Mirae Asset who have started operations in the past 18 months.
Mr Adam Broder will be the chief executive of Goldman Sachs Asset Management Company (India) Pvt Ltd and Mr Prashant Khemka will be chief investment officer, the firm said in a statement on Monday.
India’s 35 member funds industry managed about 5.4 trillion rupees ($125 billion) at the end of July, data from the Association of Mutual Funds in India showed. — Reuters
While the industry has been hit by a fall of about 30 percent in the Indian stock market (.BSESN) this year, Boston Consulting Group has forecast assets could more than quadruple by 2015.
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