Boston, MA 10/22/2013 (wallstreetpr) – The Asset Management group of Goldman Sachs Group Inc (NYSE:GS) today publicized its purchase of Global Treasury Funds, an array of money market funds administered by RBS Asset Management. Goldman Sachs have more than 30 years of extensive experience in managing varied money market funds and offering liquidity solutions to its associates and this acquirement of RBS’s market funds will add to its liquidity management business all across the globe.
Co-heads of Goldman Sachs’s Investment Management Division, Mr. Timothy Neill and Mr. Eric Lane, said that the acquisition of RBS money market funds will definitely help their company to continue their commitment to offer different liquidity solutions to their clients on a global scale.
According to Kathleen Hughes, European Head of Institutional Sales and Global Head of Liquidity Sales at Goldman Sachs Asset Management, Goldman Sachs is a pioneer in liquidity management with a sum of $195 billion in market funds, 33% of which is in Europe and acquiring RBS money market funds is indeed a very good decision for the company as it has the potential to double their Sterling-denominated offering and further fortify the company’s existing position in the European market.
Scott McMunn, CEO at RBS Asset Management also commented on the transaction and said that this partnership will Goldman Sachs represents a next stage in the company’s strategic plan to focus more on core customer franchises and it is expected that it will yield better deals for their clients.
Both the partners are completely committed to offer the best services to all RBS money market fund clients and have decided to not change the ways of managing the accounts throughout the transition period. Subject to approval by a fund investor vote and the Irish Stock Exchange and Central Bank of Ireland, the transaction is anticipated to complete by 1Q2014.
