Prashant Khemka, one of the senior most members of Goldman Sachs team in India and an instrumental individual in setting up their India operations, has decided to quit the company to launch his own India specific investment fund, which will be open to local as well as International investors.
This development comes at a time when Goldman is struggling after a few notable names from its global divisions left the company. These names include Jaspal Bindra, Gunit Chadha and Bhupinder Singh.
Prashant Khemka had joined Goldman Sachs as an equity analyst in 2000. However, his hard work and credentials saw him rising up the ladder and within 4 years, became a portfolio and was promoted to co-chair an equity fund worth $30 Billion. In 2006, he decided to return to India and was instrumental in helping Goldman Sachs in setting up its first office in India.
Khemka has held the positions of CIO and CEO in the Indian arm of Goldman Sachs. Offshore GS India Equity Portfolio was launched under his leadership in 2007. Under him, the assets under management has rose to $2.7 billion in the initial 10 years. It saw a growth rate of 9% of 900 base points year-on-year.
Prashant Khemka will now be replaced by Hiren Dasani. Dasani has headed India Equity research team in the past.