Reliance Capital to acquire Goldman Sachs asset management business in India

first_imgReliance Capital, a part of the Anil Ambani-led group, on Wednesday said it is acquiring Goldman Sachs Asset Management’s onshore business in India like mutual funds and exchange-traded funds for Rs.243 crore ($37.5 million) in an all-cash deal.Goldman Sachs’ India onshore arm currently manages 12 mutual fund schemes, including some 10 exchange-traded funds. More than $1 billion worth of assets are under its management in the country, including $335 million of exchange-traded funds of state-run companies.In a joint statement, the two firms said Goldman Sachs’ India onshore arm is not only the largest exchange-traded funds provider in India, but also currently the exclusive fund manager of such funds for state-run enterprises.”This acquisition is an important first step in our strategy to strengthen our businesses through selective inorganic growth,” said Sam Ghosh, executive director of Reliance Capital, adding that the group will leverage both the acquired firms strong bouquet of schemes and talented team.”The transaction will add over half a percentage to our market share. We will ensure we maintain seamless continuity for all the Goldman Sachs Asset Management India fund investors across all schemes,” added Sundeep Sikka, chief executive of Reliance Capital Asset Management.Globally, Goldman Sachs Asset Management, the asset management arm of the Investment Management Division of The Goldman Sachs Group, was overseeing $1.19 trillion in assets under supervision, as of September 30.”Goldman Sachs Asset Management will continue to deliver global asset management services to the Indian clients and will remain a significant investor in Indian securities through regional and global managed GSAM funds,” said Sonjoy Chatterjee, chairman of Goldman Sachs India.”In the meantime, we remain committed to growing our investment banking and securities franchise in India and we continue to feel extremely positive about India as an important and growing market for Goldman Sachs overall.”The boards of both companies have approved the transaction and are expected to conclude it by the end of this fiscal year, subject to necessary regulatory approvals, the joint statement said.Reliance Capital Asset Management is the largest in the business in India in terms of assets under management, with a portfolio worth Rs.254,517 crore ($39.1 billion) as on September 30 — across mutual funds, pension funds, managed accounts and offshore funds.last_img read more

A piece of Bangladesh in the sea

first_img.Red crabs scuttle across the sandy beach. Thousands of birds soar above the island newly emerged off the Kuakata coast, 40 kilometres from the southeast corner of Gangamoti. It appears to be a ‘little’ Bangladesh within Bangladesh.The new island was discovered by a group of tourists recently. They went to visit the island after hearing about it from fishermen on 5 December.The local fishermen named it ‘Hairer Chor’. ‘Hair’, in local dialect, refers to the boundary determined for the fishermen for fishing.The tourists have named the island ‘Chor Bijoy’ (Island of Victory) as it has been discovered in the month of victory. They hoisted a national flag in the island..The island has been officially named ‘Chor Bijoy’ by the municipal administration of Kuakata. Officials of the local administration, forest department and other organisations visited the island on Wednesday.Tourists Shima Akhter and her husband were among those who visited the island for the first time. She told Prothom Alo, “We have travelled to so many places, but such a beautiful island in the middle of the sea was beyond our imagination. We were overwhelmed. The beauty was out of this world.”According to the fishermen, the island goes under water during the monsoons and reappears in winter. The marginal fishermen go to the island then and set up temporary abode. They stay there for three months to catch fish and dry them.The island stretches is 10 kilometres long and 3 kilometres wide, stretching from the east to west. The length and breadth reduce to 3 kilometres and 1 kilometre respectively during high tide..Fisherman Altaf Hossain said, generally the fishermen from Gangamoti and Kawar Char go to this island. The island first started to appear around four years ago and finally emerged and became visible two years ago. The fishermen then started to go to the island to fish and process dried fish. The tourist group of ‘Kuakata Sea Tourism’ went to the island recently. Kuakata Bangabandhu High School’s head master and the assistant headmaster visited the island along with tourists from Dhaka.”We did not know about such a beautiful island near Kuakata. We only came to know about it from the fishermen and went there. We called this enchanting island ‘Chor Bijoy’ as it has been discovered in the month of victory,” Johnny Alamgir, an official of Kuakata Sea Tourism, told Prothom Alo.*The article originally published in Prothom Alo print edition has been rewritten in English by Farjana Liakat.last_img read more

Tonight AFROs First Edition with Sean Yoes Friday May 6

first_imgListen at WEAA Live Stream:  http://amber.streamguys.com.4020/live.m3uA review of some of the week’s top news stories directly from the pages of the AFRO, with managing editor Kamau High. Plus, this evening’s guest hosts, The Mod Squad, Taya Graham and Stephen Janis of The Real News Network, report on local politics and law enforcement. These stories and much more, coming up this evening on AFRO’s First Edition with Sean Yoes.last_img