Goldman Sachs Group Inc. is acquiring Austin based Honest Dollar Inc. that offers retirement services to those workers who do not have access to employer-based plans.
On Monday, Goldman Sachs based in New York said, the Texas company specializes in IRA-type retirement plans that hold good for independent contract workers, the self-employed people or small as well as medium sized businesses. Terms of the deal were not disclosed but it is expected to close in the second quarter. Co-heads of Goldman Sachs's investment-management division O'Neill and Lane said, "Honest Dollar has created a simple solution to a complex retirement savings problem."
According to the statement, around forty five million of the Americans do not have access to employer-based retirement plans.
This acquisition will be the ninth acquisition for the investment management division of Goldman Sachs after Eric Lane joined the unit as a co-head with Tim O'Neill in December 2011.
This business unit had set a goal of boosting its revenue ten percent or more per year and brought in a 2.7 percent increase in 2015 compared to 2014 at $6.21 billion. The amount represented eighteen percent of the total revenue of the firm in 2015.
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