Goldman Sachs Asset Management (GSAM) has reached a deal with Deutsche Asset & Wealth Management (DeAWM) to purchase its stable value business for an undisclosed amount.
“GSAM’s acquisition of DeAWM’s stable value business affirms our strong commitment to providing DC plan participants with capital preservation investment options,” says Eric S. Lane and Timothy J. O’Neill, co-heads of the investment management division at Goldman Sachs.
The transaction represents the latest step by GSAM to grow its DC franchise following last year’s acquisition of Dwight Asset Management.
GSAM currently manages more than US$55 billion in DC mandates, including more than $34 billion in stable value assets under supervision.
The transaction is expected to close during the first quarter of 2014.