21st Oct 2013 09:04
NEW YORK CITY (Alliance News) - Goldman Sachs Asset Management or GSAM, the asset management unit of The Goldman Sachs Group, Inc.(GS), Monday said it will acquire a range of money market funds managed by RBS Asset Management, the Global Treasury Funds.
The financial terms of the deal were not disclosed.
The deal supports GSAM's fixed income and liquidity management businesses in Europe and globally. The transaction is expected to close in the first quarter of 2014.
As of September 30, GSAM has $195 billion in money market fund assets under management, 33% of which is in Europe. "This acquisition has the potential to nearly double the size of our Sterling-denominated offering and strengthen GSAM's position in the European market, ensuring we are well positioned to deliver the scale and service that our clients have come to expect," said Kathleen Hughes, GSAM's Global Head of Liquidity Sales and European Head of Institutional Sales.
Copyright RTT News/dpa-AFX
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