Goldman Sachs Asset Management to Acquire RBS’ Money Market Funds

  Goldman Sachs Asset Management to Acquire RBS’ Money Market Funds

Business Wire

LONDON -- October 21, 2013

Goldman Sachs Asset Management (“GSAM”) announced today that it will acquire
the Global Treasury Funds, which are a range of money market funds managed by
RBS Asset Management (”RBSAM”).

GSAM has a long history of partnering with institutions to deliver liquidity
solutions and over 30 years of experience managing money market funds using a
conservative approach. This transaction complements GSAM’s strong fixed income
and liquidity management businesses in Europe and globally.

“GSAM’s acquisition of these money market funds emphasizes our strong and
continued commitment to providing liquidity solutions on a global scale,” said
Timothy J. O’Neill and Eric S. Lane, co-heads of the Investment Management
Division at Goldman Sachs.

“GSAM is a global leader in liquidity management with $195 billion in money
market fund assets under management, 33% of which is in Europe*,” said
Kathleen Hughes, GSAM’s Global Head of Liquidity Sales and European Head of
Institutional Sales. “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.”

Commenting on the transaction, Scott McMunn, CEO, RBSAM said: “From RBS’s
perspective, this transaction represents another stage in our strategic plan
to focus on our core customer franchises. We are confident that this
represents the best deal for our clients.”

RBS has decided to exit, confident that GSAM can provide its current clients
with high caliber money market solutions and services.

Both RBS and GSAM are fully committed to continuing excellent service for RBS
money market fund clients and will work in partnership to ensure a seamless
transition. There will be no changes in how accounts will be managed during
the transition period and no expenses will be borne by any of the funds or
investors.

The transaction is expected to close in the first quarter of 2014, subject to
approval by the Central Bank of Ireland and the Irish Stock Exchange (the
Global Treasury Funds are Irish domiciled funds), as well as a fund investor
vote.

*Source: GSAM as of 30 September 2013

Notes to Editors

RBS Markets and International Banking (M and IB)

RBS Markets and International Banking (M and IB) is a leading banking partner
to major corporations, financial institutions, government and public sector
clients around the world. M and IB provides an extensive range of products and
services in debt financing, global markets, risk management, investor
products, financial advisory and transaction services. The division focuses on
long-term client relationships and excellence in product execution underpinned
by global insight, local knowledge and a prudent and sustainable banking model
to meet the evolving market and regulatory backdrop. Committed to serving
clients' needs internationally, M and IB has on-the-ground operations in 37
countries.

The Royal Bank of Scotland Group (RBS)

The RBS Group is a large international banking and financial services company.
Headquartered in Edinburgh, the Group operates in the United Kingdom, Europe,
the Middle East, the Americas and Asia, serving over 30 million customers
worldwide. The Group provides a wide range of products and services to
personal, commercial and large corporate and institutional customers through
its two principal subsidiaries, The Royal Bank of Scotland and NatWest, as
well as through a number of other well-known brands including Citizens,
Charter One, Ulster Bank, Coutts.

About Goldman Sachs Asset Management

Goldman Sachs Asset Management is the asset management arm of The Goldman
Sachs Group, Inc. (NYSE:GS), which oversees $991 billion in assets under
supervision as of 30 September 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.

Contact:

Media:
Goldman Sachs Asset Management
Joanna Carss, 020 7774 4102
Joanna.carss@gs.com
or
Royal Bank of Scotland
Rebecca Nelson, 020 7085 7771
Rebecca.nelson@rbs.com
 
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