Goldman Sachs leads bid to acquire Palmer Square Capital Management

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Goldman Sachs Group has emerged as the lead bidder to acquire Palmer Square Capital Management, a credit-focused asset manager overseeing $37 billion, according to Bloomberg. The talks mark the latest step in Goldman's effort to bolster its $4 trillion asset management division, though discussions remain ongoing and could still end without a deal. Kansas-based Palmer Square, founded by Chris and Angie Long, is one of the largest issuers of collateralized loan obligations, and its primary attraction is a $27 billion CLO platform within a U.S. market that has quadrupled to more than $1.3 trillion over the past 15 years. The deal would instantly scale Goldman's footprint in structured debt products, an area where it has historically lacked the issuance volume of its largest alternative asset management rivals. The push aligns with recent comments from Chief Executive Officer David Solomon, who said last week that the bank is actively seeking targets to fill specific operational gaps, after acquiring two specialized ETF providers, a commercial real estate investor, and a venture capital firm over the past year. Goldman Sachs stock fell 1.9% in Tuesday trade amid the news.

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