Goldman to spin off Redi Technologies business - Dow Jones

Goldman to spin off Redi Technologies business - Dow Jones

Goldman Sachs is preparing to spin off its Redi Technologies unit, inviting other banks and brokers to take a stake in the business, according to Dow Jones.

The newswire, citing unidentified sources "familiar with the matter", says Goldman could reach agreement with new investors within a month. The US bank has already relocated the unit from Manhattan to a complex in New Jersey in preparation for the spin off.

Goldman acquired the software foundation for Redi Technologies as part of its purchase of Nyse specialist Spear, Leeds and Kellogg in 2000. The execution management system, which provides access to multiple market venues, has since been expanded to trade a variety of asset classes including securities, currencies and interest rates.

Goldman's move to widen the investor base in the unit is seen as part of a shift away from single dealer platforms from buy side clients, who are demanding streamlined access to multiple brokers from their desktops.

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