Goldman Sachs Starts Indian Mutual Fund Unit

Goldman Sachs has gained approval to launch mutual funds in India, joining AIG and JPMorgan, Reuters reports.Adam Broder will lead Goldman Sachs Asset Management Company (India) Pvt Ltd, with Prashant Khemka taking the chief investment officer post, according to a statement from Goldman."India is one of the most important countries to our Asian business and we have a long-term strategic commitment to this market," Broder said.According to data from the Association of Mutual Funds in India, the country's 35 member funds industry managed about $125 billion at the end of July.