Reliance Capital Asset Management (RCAM) announced the acquisition of Goldman Sachs' mutual fund business in India for Rs 243 crore.
RCAM would acquire all 12 onshore mutual fund schemes of Goldman Sachs Asset Management India with total Assets Under Management of Rs 7,132 crore.
The transaction would make Reliance the exclusive fund manager for the government's Central Public Sector Enterprises (CPSE) Exchange Traded Fund.
Despite demonetization slowing the economy, Reliance Mutual Funds witnessed a 25% surge in assets under its management in the third quarter of the current fiscal.
It also saw 8% growth in profit to Rs. 151 crore and 10% increase in its Systematic Investment Plans during the same period.
Reliance Capital said that overall, the company registered growth in all its businesses.
Also Read:-
A bus crash at Taiwan killed 32 people
Snapdeal to fire 30% staff in 2months
Over 8 lakh people win Rs 133 Crore under digital payment scheme