Goldman Sachs Asset Management (GSAM) will purchase Royal Bank of Scotland (RBS) Asset Management’s money market funds to complement its fixed income and liquidity management business, the firm announced Monday.
"This acquisition has the potential to nearly double the size of our Sterling-denominated offering and strengthen GSAM's position in the European market, ensuring we are well positioned to deliver the scale and service that our clients have come to expect," said Kathleen Hughes, GSAM's global head of liquidity sales and European head of institutional sales.
RBS says the move is part of a strategy to focus more on its "core customer franchises."
"We are confident that this represents the best deal for our clients," said Scott McMunn, CEO of RBSAM.
The transaction will close in the first quarter of 2014, with approval from the central bank of Ireland and the Irish Stock Exchange, and once a fund-investor vote takes place.
The price of the deal was not released.