Goldman Sachs to Acquire OCIO Business
Goldman Sachs Asset Management
(GSAM) has entered into an agreement
to acquire a portion of Verus Investors
outsourced chief investment officer(OCIO) business
. The transaction is expected to close by mid-year 2017. Terms
were not disclosed.
become a part of GSAM’s outsourcing solutions business, which provides customized
solutions including asset allocation, portfolio construction and risk
management to various clients including corporate pensions, endowments and
foundations, and insurance providers.
Investors provides customized investment and risk management solutions to institutional
clients. Based in Seattle, it has been a subsidiary of the Verus Advisory investment firm since 2011. Verus Advisory will
retain its mid-market OCIO practice.
Verus Investors CIO Jeffrey Scott will join GSAM and
bring with him several team members with decades of experience. They will be
based in existing Goldman Sachs offices in New York and Seattle.
committed to growing our outsourcing business to meet our clients’ growing
needs,” says Timothy J. O’Neill and Eric S. Lane, co-heads of the
Investment Management Division at Goldman Sachs. “The Verus team’s wealth of
expertise and experience with risk management complements our existing
GSAM is the
asset management arm of the Investment Management Division in The Goldman Sachs
Group, which oversees $1.38 trillion in assets under supervision as of December
Verus is an
independent, employee-owned provider of non-discretionary consulting and
discretionary management services to a wide variety of institutional investors
representing more than $333 billion in assets as of December 31, 2016.
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