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Goldman Sachs Teams Up With HazelTree to Attract Hedge Fund Cash

  • New partnership aims to create alternative to large banks
  • Venture prompted by adoption of Basel III regulations

Goldman Sachs Group Inc. has created a partnership to provide cash management services for money managers who may no longer be able to keep their cash at large banks.

Goldman Sachs Asset Management said in a press release Wednesday that it is teaming up with HazelTree, a New York-based firm, to offer the service to hedge funds, fund administrators, managed account providers and family offices. Goldman Sachs said the partnership was created in response to changing regulations for large banks that have been deemed SIFIs, or systemically important financial institutions, and are subject to Basel III guidelines on capital requirements and balance sheet composition.