Goldman Sachs Agrees to Buy Stable Value Unit From Deutsche Bank

Goldman Sachs Group Inc., the fifth-biggest U.S. bank by assets, agreed to buy Deutsche Bank AG (DBK)’s stable value business to expand in defined-contribution plans.

Goldman Sachs expects to complete the purchase of the unit, which has $21.6 billion in assets under supervision, in the first quarter of 2014, the New York-based firm said today in a statement. The price wasn’t disclosed.

To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; Christine Harper at charper@bloomberg.net

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