Goldman Sachs Asset Management (GSAM) is to acquire the Global Treasury Funds, a range of money market funds managed by RBS Asset Management (RBSAM).
GSAM has a long history of partnering with institutions to deliver liquidity solutions and over 30 years of experience managing money market funds using a conservative approach. This transaction complements GSAM’s fixed income and liquidity management businesses in Europe and globally.
“GSAM’s acquisition of these money market funds emphasises our strong and continued commitment to providing liquidity solutions on a global scale,” say Timothy J O’Neill and Eric S Lane, co-heads of the investment management division at Goldman Sachs.
“GSAM is a global leader in liquidity management with USD195bn in money market fund assets under management, 33 per cent of which is in Europe,” says Kathleen Hughes, GSAM’s global head of liquidity sales and European head of institutional sales. “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.”
There will be no changes in how accounts will be managed during the transition period and no expenses will be borne by any of the funds or investors.
The transaction is expected to close in the first quarter of 2014, subject to approval by the Central Bank of Ireland and the Irish Stock Exchange (the Global Treasury Funds are Irish domiciled funds), as well as a fund investor vote.