Goldman Sachs Asset Management (GSAM) has signed an agreement to acquire Westpeak Global Advisors, a registered investment adviser that offers customizable equity strategies to large institutional investors.
Westpeak offers fully-customizable solutions for smart beta investing, and also have strategic alliances with global index providers and asset owners.
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Through this transaction, GSAM aims to turn the spotlight on investment across global equity markets and in providing clients the opportunity to tailor their equity exposure to investment factors.
As part of this move, the entire Westpeak team will join GSAM and will continue to be based in Boulder, Colorado.
In addition to this acquisition, GSAM has also launched a new Advanced Beta Strategies platform, which currently represents nearly $30bn of assets under supervision as of 31 March 2014.
According to GSAM, the new platform will include the smart beta business of Westpeak along with its S&P Global Intrinsic Value Index (GIVI) strategies, a set of tax-sensitive equity strategies, and a range of liquid alternative beta strategies.
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By GlobalDataGSAM said that the new platform will be led by Armen Avanessians, head of GSAM’s quantitative business.
Armen Avanessians, head of GSAM’s quantitative business, said: "The acquisition of Westpeak complements our existing businesses and allows us to offer the full breadth of the alpha-beta continuum."
Craig Russell, head of the institutional client business in the Americas for GSAM, added: "The launch of our Advanced Beta Strategies platform, in conjunction with the acquisition of Westpeak, is critical to address the needs of our clients.
"Our most sophisticated clients are interested in customized investment solutions that allow them to tailor their exposures to markets in a smart, efficient and scalable way. The combination of these Advanced Beta Strategies enhances our ability to help our clients."
The transaction, which is subject to certain conditions, is expected to close in June 2014.
