Goldman Sachs Asset Management (GSAM) has agreed to sell its Australian focused investment capabilities and fund platform (Company), in a management buyout backed by private equity firm TA Associates, for an undisclosed sum.
Dion Hershan, who headed GSAM’s Australian equities team since 2007, will continue to head the team and will lead the new entity as managing director, focusing on large cap equities.
“We believe this partnership with such a high-caliber organization, with its significant experience investing in our industry, will benefit all stakeholders. With TA’s support, we will build upon our strong foundation, continuing to serve our clients, pursuing strong investment returns and further growing our business,” Hershan said.
Katie Hudson will co-lead the team, and will focus on small and mid-cap universe following the takeover. Roy Keenan will serve as the fixed income portfolio manager.
The deal is anticipated to be wrapped up by the end of the year, subject to certain approvals, after which the firm will be rebranded.
TA Associates managing directors Edward Sippel and Michael Berk will join the company’s board of directors.
The company serves the Australian institutional and retail markets, managing over AUD8bn in assets.
International Goldman Sachs Asset Management CEO Sheila Patel said: “TA Associates has offered a compelling opportunity to further grow the Australian focused investment capability and platform for our Australian equities and fixed income clients.
“In Australia, GSAM will retain our institutional sales and distribution capabilities for our core global products and we will continue to grow the global product platform by maintaining our existing strong presence through our team, offices and license.”