Taking forward its deal to acquire Goldman Sachs' mutual fund business in India, Reliance Capital Asset Management has begun the process of merging the schemes of global giant with itself.
Reliance Capital 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 would transfer them to Reliance MF.
Some of the schemes offered by Goldman Sachs MF will be merged with Reliance MF, while it will change the name of some other schemes.
Upon the completion of the deal, Goldman Sachs MF will transfer its right to manage the schemes to Reliance MF and they will become an integral part of Reliance MF, Goldman Sachs MF said in a public announcement.
Reliance Capital 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 Rs 1.67 lakh crore worth of assets under management at the end of June.
In order to avoid the existence of similar schemes, Goldman Sachs CNX 500 Fund and Goldman Sachs India Equity Fund will be merged with Reliance Index Fund and Reliance Equity Opportunities Fund respectively.
"Post completion of the transaction, the schemes will be managed by a team of professionals guided by Reliance MF," Goldman Sachs MF said.