Goldman Sachs has sold its mutual fund business to Reliance Capital. Nomura too, is said to exit its joint venture with LIC. Foreign players are again calling it quits
Reliance Capital Asset Management (RCAM) will take over Goldman Sachs' mutual fund business in India for Rs243 crore. RCAM will acquire all 12 mutual fund schemes of Goldman Sachs Asset Management India. Goldman Sachs, which does not have a strong retail focus, had surprisingly decided to enter the Indian mutual fund industry in 2011, by acquiring Benchmark Mutual Fund for Rs120 crore. The fund has a total asset under management (AUM) of Rs7,132 crore. Frustrated by poor market prospects after 2009, a number of global players like Fidelity, Daiwa, Morgan Stanley, ING, PineBridge and Deutsche have already exited the Indian mutual fund business over the past few years. According to newspaper reports, Nomura too plans to sell its 35% stake in LIC Nomura Mutual Fund. Nomura had entered India just four years ago.
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Here it appears its match fixing Global level??
Sucheta some backend Ambani/Goldman debt/loan adjustments details??Dig Dig more.
Stanford's MBA Rajat Gupta is enjoying USA taxpayers $ paid free breakfasts/lunch dinners after being crucified for $21trillion USA meltdown with our Srilankan friend Ratnaraman.
They are symbolic Financial Social US Justice Departments scalps for Wall Street Wolves.
Well Big 5 got support from Government & got absolved.
Mahesh Bhatt
The top 5 funds have about 3 lakh crore, about 25% of the AUM. This seems to be healthy enough in terms of competition, it is certainly not an oligopoly.
When then should we worry about companies entering and exiting the business. In fact this is a sign of a healthy industry where companies can make business decisions to enter and exit quickly.
As for foreign vs local, Franklin Templeton is doing well as one of the top 6. If other foreign companies find the Indian market too competitive or difficult for them, why should it be a problem? Customers are getting the benefits of a competitive marketplace.
This article seems just so meaningless.