Goldman Sachs Asset Management announced it will buy Dwight Asset Management, a Vermont-based stable value money manager, from Old Mutual Asset Management. The acquisition is part of Goldman Sachs' efforts to establish a leading position in the defined contribution investment-only business.
"GSAM's acquisition of Dwight increases our already strong commitment to the defined contribution business and enables us to deliver more investment solutions to help DC plan participants preserve and grow their hard earned retirement savings," said Eric S. Lane and Timothy J. O'Neill, co-heads of the Investment Management Division at Goldman Sachs. "Many of our clients are focused on stable value as an important asset class for DC plans and Dwight has been an innovator in this space."
Goldman Sachs has grown its DC business over the past several years. Dwight is a pioneer in the $540 billion stable value market.
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