Goldman Sachs gets nod for Indian mutual fund unit

Reuters India – Goldman Sachs said it has regulatory approval to launch mutual funds in India, Asia’s third-largest economy, joining the likes of AIG, JPMorgan and South Korea’s Mirae Asset who have started operations in the past 18 months.

Adam Broder will be the chief executive of Goldman Sachs Asset Management Company (India) and Prashant Khemka will be chief investment officer, the firm said in a statement on Monday.

"India is one of the most important countries to our Asian business and we have a long-term strategic commitment to this market," Broder said.

India’s 35 member funds industry managed about 5.4 trillion rupees at the end of July, data from the Association of Mutual Funds in India showed.

While the industry has been hit by a fall of about 30 percent in the Indian stock market this year, Boston Consulting Group has forecast assets could more than quadruple by 2015.

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