Goldman Sachs Asset Management is set to buy a range of money market funds; Global Treasury Funds, which are managed by RBS Asset management and domiciled in Ireland.
Comprised of constant net asset value funds, Moody’s rating agency says the fees could be raised by 30 basis points, due to the European Unions’ hotly debated proposal to raise a 3% capital buffer on such funds.
The deal could nearly double the size of Goldman Sachs’ sterling-denominated offering, and is expected to close is the first quarter of next year.
Co-heads of the investment management division O’Neill and Lane, say the acquisition pushes a strong and continued commitment to providing liquidity solutions.
Goldman Sachs’ asset management division currently manages €142 billion approx in money market funds, a third of which is held in Europe.
SOURCE: funds euope 21/10/13