Goldman Sachs Asset Management to Launch New Stable Value Fund Seeking to meet plan sponsor demand for pooled stable value funds Business Wire NEW YORK -- June 21, 2013 Goldman Sachs Asset Management, L.P. (GSAM) announced today that it has reached an agreement with Fifth Third Bank for eligible plan investors in the Fifth Third Stable Value Fund to transition to the Goldman Sachs Stable Value Collective Trust (Fund), a new stable value fund expected to be formed by The Goldman Sachs Trust Company, N.A. The transaction reflects GSAM’s commitment to the defined contribution (DC) investment-only business and reinforces the importance of stable value as an investment option for retirement plan participants. “The new Fund enables GSAM and its affiliates to expand access to stable value solutions to an even greater number of retirement plans and their participants,” said Eric S. Lane and Timothy J. O’Neill, global co-heads of the Investment Management Division at Goldman Sachs, in a formal statement. “Stable value continues to be an important asset class for DC plans and our new Stable Value Collective Trust will be an opportunity to respond to strong demand in the marketplace.” GSAM built on its historically strong fixed income capabilities with the acquisition of Dwight Asset Management Company LLC (Dwight) in May 2012. The Dwight stable value portfolio management team has been advising the Fifth Third Stable Value Fund since 1998 and will be adviser in respect of the stable value contracts for the Fund. The Goldman Sachs Trust Company, N.A. will act as trustee for the Fund, and GSAM and Dwight will be the investment advisers for the Fund’s investment portfolio. Currently, stable value is offered in approximately half of all 401(k) plans^1. GSAM has over $34 billion in stable value assets as part of over $55 billion in DC assets under supervision (AUS)^2. This agreement is GSAM’s latest step in delivering capabilities that help meet the needs of DC plan sponsors. The transaction with Fifth Third is expected to close by the fourth quarter of 2013, at which time we anticipate the launch of the Goldman Sachs Stable Value Collective Trust. Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $860 billion as of March 31, 2013. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. The Goldman Sachs Stable Value Collective Trust (the Fund) has not been launched yet. This press release is delivered solely for informational purposes with respect to the Fund, an investment product that Goldman Sachs may offer in the future. This information is provided for informational purposes only and is not an offer or solicitation to invest in any Goldman Sachs product.Any offers in the future will be made by the Goldman Sachs Trust Company, N.A. solely to certain eligible trusts, certain government plans, and certain insurance company separate accounts for which such an investment would be considered suitable and would be lawful and which can afford to invest in investment vehicles having the risks, objectives and prospects of the Fund. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice. ^1 Stable Value Investment Association, March 31, 2013 ^2 GSAM, April 30, 2013 Contact: Media: Goldman Sachs Asset Management Andrea Raphael, 212-357-0025 or Fifth Third Bank Barbara Grimsley, 513-534-6791
Goldman Sachs Asset Management to Launch New Stable Value Fund
Press spacebar to pause and continue. Press esc to stop.