Goldman Sachs and Deloitte & Touche LLP announced they had finalized plans to unload a portion of a $7 billion structured investment vehicle, which was set up by U.K. hedge fund manager Cheyne Capital Management LLP, according to a recent report by Bloomberg.

According to Neville Kahn, a partner at Deloitte in London, an auction is set to occur sometime during the first three weeks of July, and Deloitte will serve as a receiver for the SIV. The auction, a price will be established for the remaining assets currently owned by SIV Portfolio Plc, previously known as Cheyne Finance Plc.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.