Friday, 22 May 2015
Last updated 9 hours ago
Jun 11 2012 | 1:55am ET
Goldman Sachs is poised to sell its hedge fund administration unit to State Street, a move that would create the largest such business in the world.
Goldman has been mulling a sale of its fourth-ranked administrator for some months. The bank is currently in "late stage" negotiations with State Street and a deal could come by the end of this month, the Financial Times reports.
The Goldman admin. unit has some 500 clients—among them Och-Ziff Capital Management and York Capital Management—and about $200 billion in assets under administration. The bank has about 250 administration employees around the world. State Street currently has about $500 billion in assets.
The combined $700 billion business would allow State Street to leapfrog Citco Fund Services, currently the largest hedge fund administrator in the world.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…