Goldman Sachs Asset Management (GSAM) has agreed to buy Rocaton Investment Advisors, which offers advisory and discretionary investment services to institutional investors.

Based in Connecticut’s Norwalk region, Rocaton tends to various institutional clients such as financial intermediaries, endowments, foundations, retirement plans, as well as healthcare and insurance firms. The business managed over $600bn in assets at the end of September 2018.

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Employees of Rocaton will continue to operate from their existing Norwalk base following completion of the acquisition.

Goldman Sachs co-heads of the consumer and investment management (CIMD) division Timothy O’Neill and Eric Lane said: “Rocaton’s team brings deep industry expertise and value to our growing platform, which will allow us to offer more holistic and customised services to our clients.”

The deal, whose financial terms were not revealed, is expected to be wrapped up in the first half of next year.

Rocaton CEO Robin Pellish said: “Joining Goldman Sachs will allow our clients to benefit from the broad offerings, global resources and respected investment acumen of one of the world’s leading investment advisers.”

GSAM is part of Goldman Sachs’ CIMD arm, which managed over $1.5 trillion in assets at the end of September 2018. CIMD has more than 700 investment professionals and over 1,000 wealth advisers.