Citigroup, Mellon sign for new GSAM cash system
EUROPE – Goldman Sachs Asset Management has launched a Europe-wide cash management system, saying that Citigroup, Mellon Global and Invesco have already signed up.
And it said it was also in discussions with J P Morgan and Royal Bank of Scotland for the Global Cash Services portal.
It said the platform lets institutions and corporate treasurers manage their liquidity requirements across a range of fund providers on one single platform.
It said the move was a “direct response to client demand”. It added: “The launch of the multi-fund family capability simplifies implementing a cash management strategy, enabling clients to spend more time and resource on planning their strategy.
The service offers online trading as well as consolidated reporting and settlement.
“The addition of other fund providers to complement GSAM’s existing funds on the platform presents treasurers with a new way of managing cash,” said Andrew Ellis, head of global cash services for GSAM in Europe.
A similar service in the US that was launched in 2001 has 24 billion dollars in assets under management.