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State Street to buy GSAS
State Street will continue to focus on alternatives with an agreement to acquire Goldman Sachs Administration Services (GSAS) in a cash deal worth $550 million.
GSAS administers approximately $200 billion in single manager hedge fund assets on behalf of about 150 investment management clients globally.
State Street's executive vice president and global head of its Alternative Investment Solutions (AIS) team, George Sullivan, said alternative assets remained a strategic focus for the company. He added that GSAS' service philosophy aligned with State Street's.
"We expect that GSAS clients will benefit from State Street's robust and flexible global servicing platform that is scalable for funds of all types and scales," he said.
Pending regulatory approvals and other closing traditions, the deal is expected to be finalised in Q4 when the GSAS team will join State Street.
The managing director and global head of GSAS, Corey Thackeray, said the transaction would allow GSAS to offer an enhanced product offering covering the entire investment lifecycle with the relevant regulatory compliance risk and transparency measures its clients demand.
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