In addition, Goldman Sachs Asset Management intends to bring actively managed on-shore funds to India. The terms of the transaction were not disclosed.

Goldman Sachs Asset Management already has an experienced team of eight based in Mumbai, headed by Prashant Khemka. The team currently provides research for off-shore funds including Indian equities and BRIC equities.

Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally.

Goldman Sachs is a financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.

Oliver Bolitho, head of Goldman Sachs Asset Management in Asia, said: “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 are also pleased to announce that we will bring on-shore funds to India - building on the strong expertise that Prashant Khemka's team has established.”

Sanjiv Shah, executive director and co-founder of Benchmark Asset Management Company, said: “As index and ETF product demand continues to grow significantly in India, Goldman Sachs’ local expertise and global platform will provide us the opportunity to grow further and enhance our offering for clients.”

Will the acquisition further enhance Goldman Sachs presence in India?

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