Deals
Goldman Sells Platform for Debt Aimed at Mom and Pop to Rivals
- Majority stake in SIMON sold to rivals including JPM and HSBC
- Managing director Broder joins newly-independent entity as CEO
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Goldman Sachs Group Inc. sold a majority stake in SIMON, its proprietary platform that distributes complex investment products, to a cohort of Wall Street rivals.
The New York-based bank spun off the six-year-old outfit to a group that includes JPMorgan Chase & Co., HSBC Holdings Plc and Credit Suisse Group AG’s NEXT Investors, according to a release. Goldman retains a minority interest in the service, which will operate as an independent entity. Financial terms weren’t disclosed, though people familiar with the deal have said it values SIMON at just over $75 million.