Goldman snaps up fixed-income shop

Acquisition of Dwight Asset Management gives GSAM larger presence in DC business

Feb 7, 2012 @ 1:14 pm

By Robert Steyer

Goldman Sachs Asset Management said Tuesday it will acquire Dwight Asset Management, a stable value money manager, from Old Mutual Asset Management, according to a GSAM news release.

GSAM made the acquisition to increase its defined contribution presence, the news release said. Terms of the deal could not be immediately determined. The news release said the transaction should be completed during the second quarter of 2012.

“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,” Eric S. Lane and Timothy J. O'Neill, co-heads of the investment management division at Goldman Sachs, said in the news release.

Selling Dwight Asset Management “will free up capital to redeploy into our global distribution and asset management franchise,” Peter L. Bain, Old Mutual's CEO, said in the same news release. “We remain committed to building our multiboutique business around long-term, institutionally driven, active asset management.”

Dwight provides fixed-income investment management services for institutional clients. Dwight had a total of about $42 billion in assets under management and advisement as of Dec. 31, the news release said. GSAM had $828 billion in assets under management as of the same date, the release said.

(This story first appeared in Pensions & Investments, a sister publication of InvestmentNews)

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