Goldman Sachs is close to signing a deal to sell its hedge fund administration business to US bank State Street Corp, a source familiar with the situation said, the latest deal in a sector enjoying growing demand for its back-office services.
According to the source, the US investment bank is in late-stage discussions with State Street over the deal, which would create the biggest administration services provider to hedge funds worldwide.
The combined business would oversee funds of close to US$700 billion, although no formal agreement has been reached, the source added.
Goldman Sachs and State Street declined to comment.
According to the source, the US investment bank is in late-stage discussions with State Street over the deal, which would create the biggest administration services provider to hedge funds worldwide.
The combined business would oversee funds of close to US$700 billion, although no formal agreement has been reached, the source added.
Goldman Sachs and State Street declined to comment.