Goldman Sachs Asset Management will acquire the Global Treasury Funds range of money market funds from RBS Asset Management, confirmed GSAM spokeswoman Andrea Raphael.
The GTFs comprise five European money market funds representing $12.4 billion in assets under management as of Sept. 30. GSAM had $195 billion in money market fund assets as of Sept. 30.
Terms of the transaction were not disclosed. RBS is moving out of money market funds, according to RBS spokeswoman Rebecca Nelson.
The deal is expected to be wrapped up in the first quarter of 2014.