Goldman Sachs Asset Management gets SEBI approveal to launch mutual funds

Mumbai: Goldman Sachs Asset Management L.P.(GSAM), has received regulatory approval from the Securities and Exchange Board of India (SEBI) to start a wholly-owned asset management and mutual fund business in India.

The approval has been granted to Goldman Sachs Asset Management Company (India) Pvt. Ltd., a subsidiary of The Goldman Sachs Group, Inc, to act as the investment manager of the Goldman Sachs Mutual Fund.

The senior management team appointed to spearhead the asset management operations of Goldman Sachs Asset Management in India is led by Adam Broder as CEO and Prashant Khemka as chief investment officer.

Khemka said, ''It is our goal to emerge as a world class asset manager in India, by drawing synergies from our global expertise and combining them with our proven risk management techniques to deliver strong and consistent results for our investing clients. India is amongst the fastest growing economies in the world, with a robust and growing savings and investment pool.''

Added Broder, ''We are delighted to have received the Mutual Fund approval from SEBI so promptly. India is one of the most important countries to our Asian business and we have a long-term strategic commitment to this market. We are confident that our experienced team, innovative.