Following the news that Prashant Khemka has left Goldman Sachs Asset Management, Square Mile has taken the decision to suspend the Goldman Sachs India Equity Portfolio and removed the rating on the Goldman Sachs Emerging Markets Equity Portfolio.

Goldman Sachs India Equity Portfolio

We have decided to suspend the rating on this fund following the departure of the lead manager, Prashant Khemka, who has left the firm to pursue other opportunities. Mr Hiren Dasani, who heads up the India Equity Research team, replaces Mr Khemka as portfolio manager on the fund. He joined Goldman Sachs in 2007 and has worked with Mr Khemka for many years on this strategy. Mr Dasani will relocate from Mumbai to Singapore as part of his increased responsibilities as the new co-head of Emerging Markets Equity. Given these recent changes, we will look to have a meeting with Mr Dasani to discuss his plans for this fund and in the meantime have suspended our rating. We will keep investors updated of any developments.

Goldman Sachs Emerging Markets Equity Portfolio

We have decided to remove the rating on this fund following the departure of the lead manager, Prashant Khemka. Mr Khemka was also CIO of the Emerging Market Equity team. The fund will now be managed by Mr Hiren Dasani and Ms Basak Yakuz. Mr Dasani will relocate from Mumbai to Singapore. Sam Finkelstein, who heads up Emerging Market Debt, has been named as Global Head of Emerging Markets. This newly created role will include both his existing Emerging Market Debt responsibilities plus additional Emerging Market Equity oversight. Given these changes, we need to gain confidence in the new structure and have removed our rating of the fund.