GSAM makes India push
Goldman Sachs Asset Management has been given the green light to roll out operations in India and has appointed a chief executive and chief investment officer to spearhead the business.
The funds arm of Goldman Sachs has received regulatory approval from the Securities and Exchange Board of India to set up a new asset management and mutual fund business in Mumbai.
Adam Broder has been promoted to chief executive of Goldman Sachs Asset Management in India and Prashant Khemka has been appointed as chief investment officer.
Khemka was previously head of the GSAM research team in Mumbai, which was set up in December 2006. He joined Goldman eight years ago. Goldman did not say what Broder's former role was, or who the two managers will be reporting to.
“India is one of the most important countries to our Asian business and we have a long-term strategic commitment to this market,” Broder told online daily AsianInvestor.
India will continue to be one of the fastest growing asset management markets in the world and will see total assets in its fund industry grow to $325bn (€224bn) over the next five years, according to Boston-based research firm Cerulli Associates. Indian mutual fund assets stood at $137.6bn at the end of last year, up 67% from 2006.
GSAM is the latest in the string of new entrants to India’s mutual fund industry over the past two years. Mirae Asset Financial Group, AIG, Axa Investment Managers and Pioneer Global Asset Management are among those that have already set up asset management operations in India.
German insurer Allianz is in the final stages of forming a fund management joint venture in India with a listed local firm, according to AsianInvestor.
--write to twilkinson@efinancialnews.com
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