Goldman Sachs Asset Management (GSAM) announced it has entered into an agreement with Deutsche Asset & Wealth Management (DeAWM) to acquire DeAWM's stable value business, with total assets under supervision of $21.6 billion as of June 30, 2013.

The transaction represents the latest step by GSAM to grow its defined contribution franchise following last year's acquisition of Dwight Asset Management, a premier stable value asset manager based in Burlington, Vt.

"GSAM's acquisition of DeAWM's stable value business affirms our strong commitment to providing defined contribution plan participants with capital preservation investment options," said Eric S. Lane and Timothy J. O'Neill, co-heads of the Investment Management Division at Goldman Sachs in a statement. "The expert talent and potential client relationships that we gain from this transaction will complement our existing stable value business."

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