Goldman Sachs asset management arm to buy boutique from Old Mutual

Goldman Sachs Asset Management is buying $42bn US institutional fixed income manager Dwight Asset Management from Old Mutual Asset Management.

The $828bn diversified asset manager did not disclose terms of the deal, which is expected to close next quarter.

GSAM said the deal “represents a significant step in GSAM’s efforts to establish a leading position in the defined contribution investment-only business, while reinforcing the importance of stable value as an investment option”.

Eric Lane and Timothy O’Neill, co-heads of Goldman Sachs’s investment management division, said: “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, OMAM’s chief executive officer, said for his firm the deal would “free up capital to redeploy into our global distribution and asset management franchise.”

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