Goldman Sachs Asset Management agreed to acquire smart beta specialist Westpeak Global Advisors, said GSAM spokeswoman Arielle Patrick.
Terms of the deal were not disclosed.
The entire Westpeak team will join GSAM and will continue to be based in Boulder, Colo. The deal is expected to close in June.
“The acquisition of Westpeak allows us to offer the full breadth of the alpha-beta continuum,” said Armen Avanessians, managing director and head of GSAM’s quantitative business, in a news release.
In conjunction with this acquisition, GSAM has launched a new advanced beta strategies division, which currently represents nearly $30 billion of assets under supervision. This new division will include the smart beta business of Westpeak along with GSAM’s S&P Global Intrinsic Value index strategies, a set of tax-sensitive equity strategies and a series of liquid alternative beta strategies.
Mr. Avanessians will oversee the new advanced beta strategies division.
GSAM has $956 billion in assets under management. Westpeak had $115 million in AUM as of Dec. 31, according to eVestment.