Wall Street giant Goldman Sachs’ push into third-party asset management is set to claim a bunch of its balance sheet positions, including residential property construction loans in Australia and New Zealand.
It is understood Goldman Sachs has a team of operatives trying to find a new home for a bunch of balance sheet positions, shopping the exposures to co-investors and other key backers.
Sources said Singapore’s GIC, a big client and one of the world’s biggest investors, was in pole position to take loans worth hundreds of millions of dollars in Australia, in a deal that could see the business remain with Goldman Sachs in an asset management capacity. The bulk of the available loans are understood to be developers, borrowing to bankroll residential property projects. Sources said most of the Goldman Sachs’ commercial property loans had already matured.Advertisement, and managing money for big pension and sovereign wealth funds and other institutions globally.
That means winding down or heavily scaling back the work previously done by David Gribble’s local special situations team, which was a serious money spinner for Goldman Sachs in Australia and New Zealand. The unit snapped up non-performing loan books from the likes of Bank of Scotland and Suncorp more than a decade ago, and moved into the property sector as Australia’s big banks stepped back.
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