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GSAM to acquire Dwight Asset Management from OMAM

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Goldman Sachs Asset Management (GSAM) is to acquire Dwight Asset Management (Dwight), a Vermont-based stable value money manager, from Old Mutual Asset Management (OMAM).

The transaction fits with GSAM’s strategy of building a leading position in the defined contribution (DC) investment-only business.

"GSAM’s acquisition of Dwight increases our already strong commitment to the defined contribution business and enables us to deliver more investment solutions to help DC plan participants preserve and grow their hard earned retirement savings," says Eric S Lane and Timothy J O’Neill, co-heads of the Investment Management Division at Goldman Sachs. "Many of our clients are focused on stable value as an important asset class for DC plans and Dwight has been an innovator in this space."

Over the past several years, GSAM has grown its DC business with the goal of delivering its defined benefit investing expertise to DC plan participants. Dwight is a pioneer in the USD540 billion stable value market and among the top providers in the DC investment-only business. Combining Dwight’s expertise in innovative stable value solutions and custom-wrap contracts with GSAM’s strengths in fixed income and risk management, represents a formidable offering for DC plan participants.

"For OMAM, the transaction will free up capital to redeploy into our global distribution and asset management franchise," says Peter L Bain (pictured), OMAM’s Chief Executive Officer. "We remain committed to building our multi-boutique business around long-term, institutionally-driven, active asset management."

Subject to certain conditions, Dwight is expected to become a part of GSAM in the second quarter of 2012.

Dwight Asset Management Company LLC, an affiliate of Old Mutual Asset Management, provides fixed income investment management services for institutional clients including retirement plans, corporations, public funds, insurance companies, financial institutions, endowments, foundations, and Taft-Hartley plans. Dwight manages and advises for approximately USD42 billion as of 31 December, 2011. Headquartered in Burlington, Vermont Dwight has been helping investors reach their retirement goals since 1983.

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