GSAM Acquires Standard & Poor's Investment Advisory Services from S&P Global Market Intelligence
NEW YORK, March 18, 2019 /PRNewswire/ -- Goldman Sachs Asset Management ("GSAM") announced today it has entered into an agreement to acquire Standard & Poor's Investment Advisory Services LLC ("SPIAS") from S&P Global Market Intelligence, a division of S&P Global. The transaction is expected to close in the first half of 2019. Terms of the agreement were not disclosed.
SPIAS provides non-discretionary investment advice across institutional sub-advisory and intermediary distribution channels globally. It has approximately $33 billion in assets under supervision across multi-asset, equity and fixed income strategies as of December 31, 2018.
The acquisition will expand GSAM's multi-asset offerings and rules-based equity strategies, positioning the firm to address the evolving needs of financial intermediaries and institutional clients. SPIAS manages multi-asset class model portfolios using Exchange Traded Funds (ETFs) and mutual funds, as well as equity portfolios produced employing a rules-based investment process.
"The firm is acquiring a compelling platform for growth and a differentiated team with a long-track record of performance. The team's expertise will allow us to deliver greater value to the financial intermediaries and institutions we serve," said Timothy J. O'Neill and Eric S. Lane, co-heads of the Consumer and Investment Management Division at Goldman Sachs.
"S&P Global Market Intelligence enabled us to grow our investment advisory business, and as our business continues to evolve, our focus on providing clients with solutions to more easily and efficiently manage their portfolios fits perfectly within GSAM," said SPIAS President and Chairman Michael Thompson. "We look forward to becoming part of one of the world's leading asset managers, which will deliver additional resources to benefit our clients and address their changing needs."
Forward-Looking Statements: This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events, trends, contingencies or results, appear at various places in this report and use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in S&P Global's business strategies and methods of generating revenue; the development and performance of S&P Global's services and products; the expected impact of acquisitions and dispositions; S&P Global's effective tax rates; and S&P Global's cost structure, dividend policy, cash flows or liquidity.
Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:
The factors noted above are not exhaustive. S&P Global and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, S&P Global cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. S&P Global undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about S&P Global's businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in S&P Global's filings with the SEC, including Item 1a, Risk Factors, in the Annual Report on Form 10-K.
About Goldman Sachs Consumer and Investment Management Division
Goldman Sachs' Consumer and Investment Management Division (CIMD) provides asset management and wealth management solutions to world-class institutions, high-net-worth individual investors and retail consumers globally. CIMD is one of the world's leading investment managers, with over 700 investment professionals and more than 1,000 wealth advisors with over $1.5 trillion in assets under supervision across asset classes and strategies as of December 31, 2018.
About Standard & Poor's Investment Advisory Services
Standard & Poor's Investment Advisory Services LLC ("SPIAS"), is a wholly owned subsidiary of S&P Global Inc., and a part of S&P Global Market Intelligence. SPIAS provides non-discretionary advisory services to institutional clients and does not provide advice to underlying clients of the firms to which it provides advisory services.
About S&P Global
About S&P Global Market Intelligence
S&P Global Market Intelligence, a division of S&P Global (NYSE: SPGI), provides essential intelligence for individuals, companies and governments to make decisions with confidence.
For more information, visit www.spglobal.com.
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SOURCE S&P Global
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