Mergers & Acquisitions / Joint Ventures

State Street buys Goldman Sachs’ administration business

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State Street has confirmed long-standing industry speculation with the announcement that it is to acquire Goldman Sachs Administration Services (GSAS) in a cash transaction with a total purchase price of $550 million. The purchase is set to be finalised in the fourth quarter.

The firm said its acquisition of Goldman’s hedge fund administration arm is expected to make State Street the leading hedge fund administrator globally. The firm’s existing Alternative Investment Solutions (AIS) team has over 3,000 employees worldwide providing a suite of middle office, fund administration, risk analytics and credit services to hedge funds, private equity funds,