NEW YORK--(BUSINESS WIRE)--Goldman Sachs Asset Management (“GSAM”) announced today it has completed its acquisition of Dwight Asset Management (“Dwight”), a Vermont-based stable value money manager, from Old Mutual Asset Management (“OMAM”). The transaction establishes GSAM as a leading provider of investment solutions for defined contribution (“DC”) plans and reinforces the importance of stable value as a principal preservation option for plan participants.
Dwight, a pioneer in the stable value market, will now be known as Dwight Asset Management, a Goldman Sachs Company, and will remain headquartered in Burlington, VT.
“The acquisition of Dwight is an important milestone in our efforts to build GSAM’s defined contribution investment only business,” said Eric S. Lane and Timothy J. O’Neill, co-heads of the Investment Management Division at Goldman Sachs. “We believe Dwight’s innovation in stable value and GSAM’s deep fixed income resources represent a powerful combination for plan sponsors and their participants.”
Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $824 billion as of March 31, 2012. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
Dwight Asset Management is a wholly owned subsidiary of Goldman Sachs Asset Management (GSAM) providing stable value investment solutions for institutional defined contribution plans. Located in Burlington, Vermont Dwight has been helping investors reach their retirement goals since 1983.