Europe's First Integrated Multi-Fund Trading Platform Launched by Goldman Sachs
Goldman Sachs Asset Management has launched a new European cash management platform that enables corporate treasurers and financial institutions to trade funds from a range of providers on one single platform. GSAM’s Global Cash Services multi-fund portal has attracted $24bn in assets under management since its 2001 launch in the US and is now being introducing to the European market. Non-GSAM products available to European institutions via the platform from the end of April 2004 will include fund families from Invesco Asset Management, Citigroup Asset Management, Federated International Management and Mellon Global Management. Discussions with further potential third-party fund providers, including JP Morgan and the Royal Bank of Scotland, are ongoing. Features of the platform include real-time execution with a range of counterparties via one secure Internet connection, consolidated reporting, statements and settlement across fund families and integration with treasury workstations via SWIFT messages. ‘The addition of other fund providers to complement GSAM’s existing funds on the platform presents treasurers with a new way of managing cash. We anticipate being able to offer access to 60-80% of offshore money market fund liquidity in USD, EUR and GBP in the coming months,’ said Andrew Ellis, Head of Global Cash Services in Europe at GSAM.