Indian Regulators Approve Goldman Sachs Asset Management To Start Mutual Fund Business

Mumbai, India (AHN) - Goldman Sachs Group, Inc. reported on Monday reported that its subsidiary unit has received an approval from Indian regulator to begin mutual fund business in the country.

Goldman Sachs Asset Management Company (India) Pvt. Ltd., which is Goldman Sachs Group's subsidiary division, will launch a wholly- owned asset management and mutual fund business in the country.

Securities and Exchange Board of India's approval led the firm to appoint senior management team to head the asset management operations of the subsidiary unit in India.

"India is one of the most important countries to our Asian business and we have a long-term strategic commitment to this market," Adam Broder, chief executive of Goldman Sachs Asset Management Company, said in a statement on Monday.

India, which is considered as Asia's third-biggest economy, has around 35 funds industry members managing almost $125 billion that is based on a data calculated as of July 31.