Management buy-out at GSAM
Goldman Sachs Asset Management's Australian-focused operations are the subject of a management buy-out backed by private equity.
Private equity firm, TA Associates, announced today it was backing the management buy-out with the transaction expected to be completed by the end of the year and with the company undertaking a rebranding.
Goldman Sachs will be retaining its institutional sales and distribution capabilities in Australia.
Confirming its backing of the management buy-out, TA Associates managing director, Edward Sippel, pointed to Goldman Sachs Asset Management's Dion Hershan and his leadership of the company's Australian equities team since 2007 and noted that Hershan would be managing director of the new stand-alone business, with Katie Hudson being the co-lead of the Australian equities team, while Roy Kennan would be the fixed income portfolio manager.
Sippel said he would be joining the board of the stand-alone company.
"We are very pleased to back the management buyout of this exciting business," he said.
"Dion, Katie, Roy and the team have established themselves as a strong and trusted asset manager and have grown the company significantly over the last nine years via a high-quality product suite and an extensive distribution network."
Sippel said that as a long-term investor in fund management companies, TA looked forward to supporting their proven investment philosophy, process and strategy.
Confirming the management buy-out, Goldman Sachs Asset Management CEO of International, Sheila Patel, said TA Associates had offered a compelling opportunity to further grow the Australian-focused investment capability and platform for the company's Australian equities and fixed income clients.
She said that in Australia, GSAM would retain its institutional sales and distribution capabilities for its core global products and would continue to grow the global product platform by maintaining its existing strong presence through its team, offices and licence.
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