Goldman Sachs Asset Management is purchasing Deutsche Asset & Wealth Management's stable value business, which has assets under supervision of $21.6 billion.
This is the latest transaction by Goldman Sachs to expand its defined contribution business following last year's acquisition of Dwight Asset Management, a stable value asset manager in Burlington, Vt.
Goldman Sachs announced in July it planned to establish a new stable value collective trust. As part of this transaction, John Axtell and other key members of the Deutsche team will join Goldman Sachs.
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Goldman Sachs Asset Management currently manages more than $55 billion in defined contribution mandates, including more than $34 billion in stable value assets under supervision.
The buyout is expected to close during the first quarter of 2014.
Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group Inc., which oversees $955 billion in assets. Deutsche Asset & Wealth Management has $1.2 trillion of assets under management.
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