"India is one of the world's largest growth markets and a strategic priority for our firm," Oliver Bolitho, head of Goldman Sachs Asset Management in Asia said in the statement. "The acquisition illustrates our commitment to expand in India." Goldman Sachs also will start actively managed on-shore funds in the country, he said.
T. Rowe Price Group Inc. bought a 26% stake in UTI Asset Management Co., India's oldest money manager, in November 2009, in a deal that valued UTI at 3.3% of its money under management. The financing unit of Larsen & Toubro Ltd., India's largest engineering company, in September 2009 acquired DBS Cholamandalam Asset Management for 450 million rupees, or 1.6% of the target's managed assets.