Thursday, March 6, 2008

Goldman Sach's Long bet on India with AMC,NBFC, PE & Wealth Management

After severing it's Kotak ties in 2006, Goldman Sachs is getting 30 year long on India according to GS India's MD & CEO L. Brooks Entwistle. “This is not an outpost. We are here building businesses with a view of the next 30 years.”

GS (India) team of 100 is readying a launch of AMC, followed by Primary Dealership, an NBFC to compete with GE Money & Citi Financial in loans business.

The $770Bn AUM leader is also preparing for Private Wealth Management & Commodities research. It already advises Oil Companies on hedging while it awaits regulatory clearances for Commodity trading.

On the PE front Goldman Sachs has begun chasing Blackstone & Temasek with investments close to $2 billion (Rs8,060 crore) in some 40 Indian firms including OnMobile Global Ltd (recent IPO, Sudhir Gensets Ltd, IRB Infrastructure Developers Ltd and Sigma Electric Manufacturing Corp., besides the NSE Ltd and NCDEX Ltd.

With its research team now closely tracking 75 Indian stocks, its sales force in London, New York, Singapore and Tokyo is aggressively selling Indian equities. L. Brooks Entwistle has appointed HK based Adam Broader as CFO to head the AMC and awaiting SEBI approvals. In the run-up to the AMC launch, GS is in the process of floating Goldman Sachs India Fund, an offshore fund, some time this month.

Read the full story on Mint

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