State Street snaps up Goldman Sachs hedge fund administrator
Deal worth US$550 million.
BY Benefits Canada Staff | July 18, 2012
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.