NEW YORK (AP) — The asset management arm of The Goldman Sachs Group Inc. is buying some money market funds managed by RBS Asset Management for an undisclosed amount.
Goldman Sachs Asset Management said Monday that the transaction complements its strong fixed income and liquidity management businesses in Europe and globally.
RBS said it is shedding the funds as part of its strategic plan to concentrate more on its core customer franchises.
The companies said that there will be no changes in how accounts will be managed during the transition period and no expenses will be incurred by any of the funds or investors.
The deal is expected to close in 2014's first quarter. It still needs the approval of the Central Bank of Ireland, the Irish Stock Exchange and is subject to a fund investor vote.
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