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United Kingdom,United States : Goldman nears hedge fund admin unit sale
Publish Date : 12-Jun-2012
Goldman Sachs is close to signing a deal to sell its hedge fund administration business to US bank State Street Corp, a source familiar with the situation said, the latest deal in a sector enjoying growing demand for its back-office services.
According to the source, the US investment bank is in late-stage discussions with State Street over the deal, which would create the biggest administration services provider to hedge funds worldwide.
The combined business would oversee funds of close to US$700 billion, although no formal agreement has been reached, the source added.
Goldman Sachs and State Street declined to comment.
