Goldman Sachs veteran Prashant Khemka to start own India fund
The fund manager who set up Goldman Sachs Group Inc's India-focused equity fund in 2006 is set to start one of his own after managing money at the US bank for more than 17 years. Prashant Khemka, who oversaw $5.3 billion in emerging-market assets until his departure in April, plans to launch two long-only, absolute-return funds for investing in Indian shares. An eight-member team is being assembled and the new company, named White Oak Capital, will start operations by August, the 45-year-old said in a phone interview. "The Indian equity market is home ground for me and it is always good to play with a home advantage," he said. Khemka is seeking to raise money at a time when the gap between elevated Indian asset prices and anemic earnings growth has spurred brokerages including UBS Group AG to warn about unfettered optimism in Asia's fourth-largest stock market. The BSE Sensex and National Stock Exchange's Nifty50 gauges have hit record highs this year, making local shares more expensive than a benchmark of developing markets. Commodity Trading Tips
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