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Money Management

GSAM to acquire $33 billion investment advisory business of S&P Global

New York-based Goldman Sachs Asset Management agreed to acquire Standard & Poor's Investment Advisory Services in an effort to expand its multiasset offerings and rules-based equity strategies, the asset manager announced Monday.

The transaction is expected to close before July, a new release from GSAM said. Terms of the deal were not disclosed.

GSAM will buy Standard & Poor's Investment Advisory Services from S&P Global Market Intelligence, which is a division of New York-based S&P Global, the news release said. Standard & Poor's Investment Advisory Services had about $33 billion in assets under supervision across multiasset, equity and fixed-income strategies, as of Dec. 31. The firm provides non-discretionary advisory services to institutional clients, but does not provide advice to underlying clients of the firms to which it provides advisory services, the news release said.

"The firm is acquiring a compelling platform for growth and a differentiated team with a long-track record of performance," said Timothy J. O'Neill and Eric S. Lane, co-heads of the consumer and investment management division at Goldman Sachs, in the news release. "The team's expertise will allow us to deliver greater value to the financial intermediaries and institutions we serve."

Standard & Poor's Investment Advisory Services President and Chairman Michael Thompson said: "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."

GSAM is a unit of Goldman Sach's consumer and investment management division, which had over $1.5 trillion in asset under supervision as of Dec. 31.