Goldman Sachs Asset Management is to buy Global Treasury Funds, a range of Ireland domiciled money market funds managed by RBS Asset Management.
The deal, which is expected to close in the first quarter of 2014, will strengthen GSAM’s fixed income and liquidity management businesses in Europe and globally.
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Additionally, the deal will nearly double the size of Goldman Sachs’ sterling-denominated offering.
The deal is subject to approval by the Central Bank of Ireland and the Irish Stock Exchange as well as investor vote. The financial terms of the deal were not disclosed.
RBS said that partnership with GSAM will offer its clients with high caliber money market solutions and services.
In the transition period, there will be no changes in how accounts will be managed and no expenses will be shared by any of the investors.
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By GlobalDataKathleen Hughes, GSAM Global head of Liquidity Sales and European Head of Institutional Sales, said: "GSAM is a global leader in liquidity management with $195 billion in money market fund assets under management, 33% of which is in Europe.
"This acquisition has the potential to nearly double the size of our Sterling-denominated offering and strengthen GSAM’s position in the European market, ensuring we are well positioned to deliver the scale and service that our clients have come to expect," he added.
Scott McMunn, CEO, RBSAM said: "From RBS’s perspective, this transaction represents another stage in our strategic plan to focus on our core customer franchises."
