Products June 24, 2013

GSAM to Offer Pooled Stable Value Fund

Goldman Sachs Asset Management (GSAM) will launch a new stable value fund designed to meet retirement plan sponsor demand for pooled stable value funds.
Reported by

The company announced an agreement with Fifth Third Bank for eligible plan investors in the Fifth Third Stable Value Fund to transition to the Goldman Sachs Stable Value Collective Trust, a new stable value fund expected to be formed by The Goldman Sachs Trust Company, N.A. “The new fund enables GSAM and its affiliates to expand access to stable value solutions to an even greater number of retirement plans and their participants,” said Eric S. Lane and Timothy J. O’Neill, global co-heads of the Investment Management Division at Goldman Sachs, in a statement.  

GSAM acquired Dwight Asset Management Company LLC in May 2012. The Dwight stable value portfolio management team has been advising the Fifth Third Stable Value Fund since 1998 and will be adviser with respect to the stable value contracts for the GSAM fund. The Goldman Sachs Trust Company will act as trustee for the fund, and GSAM and Dwight will be the investment advisers for the fund’s investment portfolio.  

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The transaction with Fifth Third is expected to close by the fourth quarter of 2013, at which time the company anticipates the launch of the Goldman Sachs Stable Value Collective Trust.
Deals & People June 24, 2013

Mercer Names Three Division Heads

Andrew Kirton, Jeff Schutes and Akhil Sethi have been appointed to senior positions in investments and retirement divisions in global regions at Mercer.
Reported by

The three executives had been serving in other roles at Mercer. One of the objectives in making the appointments is to rotate responsibilities in order to expand the breadth of their expertise and to gain the benefit of cross-fertilization of experience across investment disciplines, said Julio A. Portalatin, president and CEO of Mercer. These senior appointments reflect the importance of investment and retirement opportunities in Europe and growth markets, as client needs are changing and growing rapidly.

Kirton has been appointed head of investments business in Europe, succeeding Tom Geraghty, who has assumed the post of market leader and chief executive for Ireland.

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Schutes has been chosen to head  investments business in the growth markets, a newly created position, which includes Asia, Middle East and Turkey, Africa and Latin America.

Sethi has been appointed head of retirement business in the growth markets, also a newly created position.

 

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