“As we focus on growing the rest of our platform, we have opted not to participate in the consolidation of the stable value sector. Consequently, we are pleased with the sale of our stable value business to one of the leaders in the space,” Miller said.

John Axtell, head of stable value at Deutsche Asset & Wealth Management, and other members of the stable value management team, will join GSAM. Deutsche said it will work with clients to ensure a seamless transition to GSAM or other stable value managers.

GSAM currently manages over $55 billion in defined contribution mandates, including over $34 billion in stable value assets under supervision.