The hedge fund administration unit of Goldman Sachs Group Inc. will be sold to State Street Corporation for about USD 550 million. The sale of Goldman Sachs Administration Services (GSAS) to State Street will be finalised early this autumn. Employees at GSAS, including the client-facing staff and the management team, will join State Street following the change of hands. The sale however, will not include Goldman Sachs' Prime Brokerage business.
John Willian, Global Head of global securities services at Goldman Sachs, says that they will continue serving the hedge fund community, including many GSAS clients, through Prime Brokerage and elsewhere across their businesses globally and will work closely with State Street and their GSAS clients to assure a seamless transition.