Goldman Sachs sells REDI stake

18 July 2013

Goldman Sachs will sell its majority stake in its electronic trading unit known as REDI.

The company is relinquishing the shares to a consortium of Wall Street investors but will retain a significant minority in the business.

Firms involved in the buying of shares include BofA Merrill Lynch, Barclays, BNP Paribas, Citadel and Lightyear Capital.

Darren Cohen, global co-head of Principal Strategic Investments at Goldman Sachs, said: "We are pleased to assemble an impressive consortium of market-leading participants to support the further growth of the REDI business and expand its reach to more clients, geographies and asset classes."

The core product, technology, sales and support teams associated with REDI will continue to manage and invest in the platform under the new ownership structure.

Rishi Nangalia, who previously co-managed the Goldman Sachs electronic trading business development group, will serve as the company’s chief executive officer.

Its new headquarters is located in New York City and is supported by five regional offices in Boston, San Francisco, Chicago, London and Hong Kong.

By Tony Aynsley

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