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State Street Corporation To Acquire Goldman Sachs Administration Services From The Goldman Sachs Group, Inc.


Tuesday, 17 Jul 2012 07:10am EDT 

State Street Corporation announced that it has agreed to acquire Goldman Sachs Administration Services (GSAS), a hedge fund administrator, from The Goldman Sachs Group, Inc., in a cash transaction with a total purchase price of $550 million, subject to certain adjustments. Pending regulatory approvals and other customary closing conditions, the transaction is expected to be finalized early in the fourth quarter of 2012. A premier global service provider to hedge funds, GSAS administers approximately $200 billion in single manager hedge fund assets on behalf of approximately 150 investment manager clients from locations across the globe. GSAS employees, including client-facing staff and the management team, are expected to join State Street following the close of the transaction. The transaction does not include Goldman Sachs’ Prime Brokerage business, which remains an important offering of Goldman Sachs. 

Company Quote

157.44
0.22 +0.14%
4:00pm EDT