RCAM signs definitive agreement for acquiring GSAM
Q. Reliance Capital Asset Management has signed a definitive agreement to acquire which asset management company’s onshore business in India?- Published on 23 Oct 15a. Franklin Templeton
b. Goldman Sachs Asset Management
c. J. P. Morgan
d. Edelweiss
ANSWER: Goldman Sachs Asset Management
Reliance Capital Asset Management, part of ADAG on 21st October 2015 signed a definitive agreement for the acquisition of GSAM/Goldman Sachs Asset Management’s onshore mutual fund business in the country. RCAM will pay a total sum of INR 243 crore/USD 37.5 million to acquire onshore MF funds including exchange traded funds of GSAM India. Through this acquisition. RCAM will be the exclusive fund manager for CPSE ETFs of the Union Government of India. GSAM India is part of Goldman Sachs Asset Management, asset management arm of Investment Management Division of Goldman Sachs Group Inc overseeing USD 1.19 trillion asset management under supervision w.e.f September 2015. GSAM India managed 12 MF fund schemes including 10 exchange traded funds.
