The next shoe has fallen in the takeover of Burlingtonâ s Dwight Asset Management by Goldman Sachs Asset Management. Employees who are being let go signed their separation agreements to assure severance packages Monday and enjoyed their last day on the job Tuesday, according to one of those employees.
The employee also said the office space at 100 Bank Street overlooking Lake Champlain will also shrink to accommodate fewer employees. Dwight now has the top two floors but will only occupy one going forward, he said.
According to a recent story in Seven Days, the Burlington weekly, Dwight, which focuses on conservative investments, has had about 100 employees, which is being cut in about half in this initial phase but which could be reduced even more drastically going forward.
A press release from Goldman Sachs is below.
According to its Web site, â Dwight Asset Management Company LLC focuses exclusively on fixed income investment management services for institutional clients including retirement plans, corporations, public funds, insurance companies, financial institutions, endowments, foundations, and Taft-Hartley plans. Dwight manages and advises for approximately $42 billion as of December 31, 2011.â
Timothy McQuiston reported for Vermont Business Magazine.
Read Seven Days Story
Press Release May 15, 2012 announcing completion of previously announced acquisition:
Goldman Sachs Asset Management Acquires Dwight Asset Management from Old Mutual Asset Management
GSAM Strengthens Position in DC Solutions Marketplace
Goldman Sachs Asset Management (â GSAMâ ) announced today it has completed its acquisition of Dwight Asset Management (â Dwightâ ), a Vermont-based stable value money manager, from Old Mutual Asset Management (â OMAMâ ). The transaction establishes GSAM as a leading provider of investment solutions for defined contribution (â DCâ ) plans and reinforces the importance of stable value as a principal preservation option for plan participants.
â The acquisition of Dwight is an important milestone in our efforts to build GSAMâ s defined contribution investment only business,’said Eric S. Lane and Timothy J. Oâ Neill, co-heads of the Investment Management Division at Goldman Sachs. â We believe Dwightâ s innovation in stable value and GSAMâ s deep fixed income resources represent a powerful combination for plan sponsors and their participants.â Dwight, a pioneer in the stable value market, will now be known as Dwight Asset Management, a Goldman Sachs Company, and will remain headquartered in Burlington, VT.
Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which manages $824 billion as of March 31, 2012. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
Dwight Asset Management is a wholly owned subsidiary of Goldman Sachs Asset Management (GSAM) providing stable value investment solutions for institutional defined contribution plans. Located in Burlington, Vermont Dwight has been helping investors reach their retirement goals since 1983.
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