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Reliance Capital to acquire Goldman Sach’s MF biz

Relliance Capital is buying the mutual fund business of Goldman Sach in India for Rs 243 crore in an all-cash deal. Goldman Sach will exit the Indian mutual fund market with this sale. Reliance Capital will acquire all 12 onshore mutual fund schemes of Goldman Sachs Asset Management India with total asset under management of Rs 7132 crore. The deal will make Reliance MF the exclusive fund manager for the government’s Central Public Sector Enterprises (CPSE) Exchange Traded Fund. The transaction has been approved by the boards of the two companies and is expected to be completed in the current fiscal. Goldman Sachs received the mandate in 2014 to manage CPSE ETF through which the government has so far raised Rs 4000 crore by selling part of its stake in 10 central PSUs as part of its disinvestment programme. Reliance Capital today is the largest asset manager in India with total AUM of over Rs 2.5 lakh crore across mutual funds, pension funds, managed accounts and offshore funds. Goldman Sachs had entered the Indian mutual fund industry in 2011 with acquisition of Benchmark Mutual Fund for Rs 120 crore. HDFC MF was also in the race to acquire Goldman Sachs’ India mutual fund assets.

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