Goldman Sachs Asset Management is purchasing Deutsche Asset & Wealth Management's stable value business, which has assets under supervision of $21.6 billion.

This is the latest transaction by Goldman Sachs to expand its defined contribution business following last year's acquisition of Dwight Asset Management, a stable value asset manager in Burlington, Vt.

Goldman Sachs announced in July it planned to establish a new stable value collective trust. As part of this transaction, John Axtell and other key members of the Deutsche team will join Goldman Sachs.

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