Goldman In Talks To Sell Admin. To State Street

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.

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