Monday, 4 May 2015
Last updated 1 hour ago
Jul 17 2012 | 7:41am ET
State Street Corp. has agreed to acquire Goldman Sachs' hedge fund administration arm for $550 million.
The purchase of Goldman Sachs Administration Services in is expected to be finalized in the fourth quarter. GSAS administers approximately $200 billion in single-manager hedge fund assets on behalf of approximately 150 investment manager clients worldwide. Its employees will join State Street’s Alternative Investment Solutions team, which already numbers more than 3,000 staffers and is headed by George Sullivan.
The deal does not include Goldman Sachs’ prime brokerage business.
“We are pleased to join the State Street AIS team, a group that has the same high-touch approach to client service as GSAS," Cory Thackeray, managing director and global head of GSAS, who will join State Street, said. "With this transaction, we will be well-positioned to offer our clients an enhanced product offering that covers the entire investment lifecycle and provides relevant regulatory compliance, risk and transparency solutions that our clients often request to help them navigate today’s complex environment.”
State Street had $22.4 trillion in assets under custody or administration and $1.9 trillion in assets under management as of June 30, 2012. Alternative assets under management stood at $877 billion as of that date.
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…