Goldman Sachs (GS) has shut its transition management office in Sydney, Australia.
“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.
Related: Macquarie Takes BNY Mellon’s Discarded Transitions Team & Ex-JPM Transitions Chief Joins New Market Entrant