- Apprentice Lawyer
- Legal Jobs
The Indian arm of Goldman Sachs Asset Management has agreed to acquire 100 percent of Benchmark Asset Management Company and Benchmark Trustee Company. News reports indicate that Goldman could be paying around 2-3 percent of AUM or around Rs. 63-95 crore ($ 14-21 million) for the acquisition.
AZB &Partners advised Goldman Sachs where Partner Darshika Kothari led the transaction.
J. Sagar Associates advised Benchmark Asset Management Company with a team led by Partners Dina Wadia and Jay Gandhi along with Associates Sugandha Asthana and Kunal Mehta.
Benchmark Asset Management Company was founded in 2001 and is the number one Exchange Traded Funds (ETFs) provider by both market share and assets under management (AUM) in India.
Oliver Bolitho, Head of Goldman Sachs Asset Management in Asia, in the press release said, “India is one of the world’s largest growth markets and a strategic priority for our firm. The acquisition of Benchmark illustrates our commitment to expand in India and we look forward to working closely with Benchmark to accelerate the growth of the business. We will also bring on-shore funds to India”.
According to VCCircle, the acquisition will bring under Goldman Sachs almost a decade old business which is the number one ETFs provider in India. As of December 31, 2010 Benchmark Asset Management Company had approximately USD 700 million (Rs. 3,150 crore) as AUM.