Goldman Sachs Asset Management (GSAM) has agreed to purchase Standard & Poor’s investment advisory services (SPIAS) business for an undisclosed sum in an effort to boost its multi-asset and rules-based equity propositions.
SPIAS offers non-discretionary advice to institutional clients.
The business manages multi-asset, equity and fixed income vehicles. It had oversight of more than $33bn in assets at the end of December 2018.
SPIAS is part of S&P Global Market Intelligence, which itself is owned by S&P Global.
Commenting on the transaction, SPIAS president and chairman Michael Thompson said: “S&P Global enabled us to grow our investment advisory business, and as our business continues to evolve, our focus on providing clients with solutions to more easily and efficiently manage their portfolios fits perfectly within GSAM.”
The deal is slated to be completed in the first half of this year.
Goldman Sachs co-heads of the consumer and investment management division Timothy O’Neill and Eric Lane said: “The firm is acquiring a compelling platform for growth and a differentiated team with a strong long-term track record of performance.
“The team’s expertise will allow us to deliver greater value to the financial intermediaries and institutions we serve.”
GSAM is part of Goldman Sach’s consumer and investment management arm, which managed over $1.5 trillion in assets at the end of December 2018.
Last December, GSAM announced the acquisition of hedge funds-of-funds manager Aptitude Investment Management.
In November 2018, GSAM agreed to acquire Rocaton Investment Advisors.