Goldman Sachs (GS) has shut its transition management office in
“Goldman Sachs will maintain its commitment to transition services as a part of its broader pensions franchise.”The move comes as part of a wider restructuring of the asset
manager’s Australian business, including the potential sale of its A$9 billion
(US$6.9 billion) asset management arm.
“Restructuring within the Australia business has led to a
firm decision to cease the presence of a dedicated transition management team
in Sydney,” a spokesperson for Goldman Sachs confirmed to CIO.
The group will continue to serve transition management clients
from London, the spokesperson added, with the aid of a local sales team in Sydney.
Goldman Sachs “will maintain its commitment to transition
services as a part of its broader pensions franchise,” the spokesperson said.
A number of investment banks have scaled back or shut down
completely their transition management services in the past three years as
margins have come under pressure. Credit
Suisse and JP
Morgan closed within days of each other in May 2013, while scandal-hit ConvergEx
closed its non-US business in July of the same year. BNY
Mellon began the closure of its services in March 2014.
Takes BNY Mellon’s Discarded Transitions Team & Ex-JPM
Transitions Chief Joins New Market Entrant