Goldman Sachs Asset Management will acquire Aptitude Investment Management, a hedge funds-of-funds manager, GSAM spokesman Patrick Scanlan confirmed.
Mr. Scanlan declined to provide terms of the deal, which is expected to close before the end of 2018.
The Aptitude team, which manages $5.4 billion according to its most recent SEC ADV filing, will join GSAM's alternative investments and manager selection group. The GSAM team managed $200 billion as of Sept. 30 for investors in investment solutions using external money managers.
The Aptitude team will remain in the firm's Seattle and Vancouver offices, said Michael Hillman, who oversees investor and client relations for the firm.
"We believe Aptitude's experienced team, differentiated investment strategy and market-leading performance will position our platform for continued growth," said Timothy J. O'Neill and Eric S. Lane, co-heads of GSAM's consumer and investment division, in a news release.