Goldman Sachs Asset Management hired Ninety One North America as an underlying manager on the Goldman Sachs Multi-Manager Non-Core Fixed Income Fund, according to a filing with the U.S. Securities and Exchange Commission dated Sept. 22.
The filing, which is a supplement to the fund's prospectus that was filed Feb. 28, also said existing subadviser Ares Capital Management will take on an additional allocation of bank loans on top of its existing allocations of high-yield and senior loans.
The Multi-Manager Non-Core Fixed Income fund invests in fixed-income securities such as bonds and had $1.1 billion in assets under management as of Aug. 31.
New York-based Ninety One, which had $151.7 billion in AUM as of June 30, will manage an allocation of emerging markets local currency debt for the fund, according to the SEC filing.
A GSAM representative declined to provide comment on Ninety One's appointment. According to the filing, a discussion regarding the basis for Ninety One's appointment will be available in the fund's annual report in the third quarter.