Deals and People

Retirement Industry People Moves

Goldman Sachs to Acquire OCIO Business; HealthSavings Administrators Appoints Industry Vets to National Sales Team; The Standard Hires Plan Consultant; and more.

By Javier Simon editors@strategic-i.com | February 24, 2017
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Goldman Sachs to Acquire OCIO Business

Goldman Sachs Asset Management (GSAM) has entered into an agreement to acquire a portion of Verus Investorsoutsourced chief investment officer(OCIO) business. The transaction is expected to close by mid-year 2017. Terms were not disclosed.

OCIO will 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.

Verus 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.

“We’re 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 outsourcing business.”

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 31, 2016.

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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