Negotiating Risk for Stable Value Options
The stable value market has changed considerably in the wake of the financial crisis. We believe there is an opportunity to continue to improve risk management within stable value portfolios in order to be prepared for and manage through future market events. Stable value managers should be able to proactively identify, quantify and clearly explain the risk exposures within portfolios, and more importantly, ensure they manage each of those risks in the best interests of plan participants. The discussion that follows will explore five key areas of risk associated with stable value options and seek to provide perspective on certain management considerations for each one.Read more...
Goldman Sachs Asset Management acquires Dwight Asset Management from Old Mutual Asset Management
GSAM Strengthens Position in DC Solutions Marketplace.
NEW YORK, May 15, 2012 – Goldman Sachs Asset Management ("GSAM") announced today it has completed its acquisition of Dwight Asset Management ("Dwight"), a Vermont-based stable value money manager, from Old Mutual Asset Management ("OMAM"). The transaction establishes GSAM as a leading provider of investment solutions for defined contribution ("DC") plans and reinforces the importance of stable value as a principal preservation option for plan participants. Dwight, a pioneer in the stable value market, will now be known as Dwight Asset Management, a Goldman Sachs Company, and will remain headquartered in Burlington, VT.
"The acquisition of Dwight is an important milestone in our efforts to build GSAM's defined contribution investment only business," said Eric S. Lane and Timothy J. O’Neill, co-heads of the Investment Management Division at Goldman Sachs. "We believe Dwight's innovation in stable value and GSAM's deep fixed income resources represent a powerful combination for plan sponsors and their participants."Read more...
John Kruk, CFA, CPA
Josh is head of Stable Value Portfolio Management at Dwight Asset Management (Dwight), a Goldman Sachs Company. Previously, he was head of Portfolio Construction and Risk Management at Dwight for three years. Prior to that, Josh was a structured product portfolio manager specializing in the residential mortgage sector from 2003 to 2008. Earlier in his career, he was a quantitative analyst for two years. Josh joined Dwight in 1999 as an assistant client portfolio manager. He joined Goldman Sachs as a managing director through the acquisition of Dwight in 2012. Prior to joining Dwight, Josh was a member of the Finance department at Bain Capital, Inc. from 1997 to 1999. While at Bain, he provided accounting and analytical support for the company's small cap hedge fund, CBO/CLO portfolios and private equity funds. Josh began his career in 1994 as a financial statement auditor for Price Waterhouse LLP, specializing in audits of mutual funds and other investment vehicles. Josh serves on the boards of the Vermont CFA Society and the Humane Society of Chittenden County. Josh earned a BS in Business Administration from the University of Vermont in 1994.