Reliance Mutual Fund to manage Goldman Sachs MF's schemes from Nov 5

Reliance Nippon Life Asset Management will manage all schemes of Goldman Sachs Mutual Fund from November 5.

Reliance Nippon Life Asset Management, in October 2015, announced takeover of global giant Goldman Sachs Mutual Fund business in India for Rs 243 crore in an all-cash deal. Goldman Sachs MF has 12 schemes in operation and will transfer them to Reliance MF.

"Unitholders are requested to note that on and from November 5, 2016, the right to manage and administer all the schemes of Goldman Sachs MF will be transferred from Goldman Sachs Asset Management (India) Pvt Ltd to Reliance Nippon Life Asset Management, the asset management company of Reliance MF," Goldman Sachs MF said in a notice.


All the schemes of Goldman Sachs MF will also become an integral part of Reliance MF, it added.

In a circular, BSE said name of eight schemes - Goldman Sachs Gold Exchange Traded, Goldman Sachs Nifty Exchange Traded, Goldman Sachs Banking Index Exchange Traded, Goldman Sachs Liquid Exchange Traded, Goldman Sachs Nifty Junior Exchange Traded, Goldman Sachs PSU Bank Exchange Traded, Goldman Sachs Hang Seng Exchange Traded and Goldman Sachs CNX Nifty Shariah Index Exchange Traded - will also be changed.

However, there is no revision in scheme name of CPSE ETF. Reliance Nippon Life Asset Management, formerly Reliance Capital Asset Management, is the financial services arm of Anil Ambani-led business conglomerate Reliance group and is also present in insurance, brokerage and wealth management, among other areas. Reliance MF is one of the largest mutual funds in the country with over Rs 1.83 lakh crore worth of assets under management at the end of September. Besides, the fund house had 79 per cent market share of gold ETFs traded on exchanges for Dhanteras. SP ARD