State Street snaps up Goldman Sachs hedge fund administrator

Deal worth US$550 million.

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road narrows signState Street Corporation has announced it is acquiring Goldman Sachs Administration Services (GSAS), a hedge fund administrator, from The Goldman Sachs Group, Inc.

The cash transaction, which has a total purchase price of US$550 million, is expected to be finalized in the fourth quarter of 2012.

Employees of GSAS, including client-facing staff and management, are expected to join State Street following the close of the transaction.

The transaction does not include Goldman Sachs’ Prime Brokerage business.

GSAS administers approximately $200 billion in single manager hedge fund assets on behalf of approximately 150 investment manager clients from around the globe.

State Street has $877 billion in alternative assets under administration at June 30, 2012.

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