Goldman to buy Stable Value business from Deutsche

|About: Goldman Sachs Group Inc. (GS)|By:, SA News Editor

Goldman Sachs Asset Management (GS +0.1%) agrees to acquire Deutsche Bank's (DB -1.9%) stable value business with total AUM of $21.6B. The move is another step by GSAM to grow its defined contribution business which currently manages $55B in defined contribution mandates, including $34B in stable value assets.

Last quarter, Goldman reported flat revenue at GSAM, with one analyst noting the bank could be losing share to competitors like Morgan Stanley and Wells Fargo.