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Goldman Sachs buys Old Mutual asset manager
Skandia owner Old Mutual agrees to sell Dwight Asset Management by Q2 2012.
Goldman Sachs Asset Management will acquire Dwight Asset Management from Skandia parent company Old Mutual Asset Management.
Due for completion in the second quarter of 2012, the acquisition is the latest step in GSAM’s plan to increase its presence in the defined contribution investment-only market.
At the end of December 2011, DAM managed and advised on approximately $42bn (£26.5bn).
Eric Lane and Timothy O’Neill, co-heads of the investment management division at Goldman Sachs, said in a statement: “GSAM’s acquisition of Dwight increases our already strong commitment to the defined contribution business and enables us to deliver more investment solutions to help DC plan participants preserve and grow their hard earned retirement savings.
“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.”
Peter Bain, chief executive officer of OMAM, said: “The transaction will free up capital to redeploy into our global distribution and asset management franchise.
“We remain committed to building our multi-boutique business around long-term, institutionally-driven, active asset management.”
