State Street Acquires Goldman Admin. Arm

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.


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of