Goldman Sachs Asset Management (GSAM) is to acquire RBS Asset Management’s money market fund business, the firms announced Monday.

GSAM said that it will acquire the Global Treasury Funds, which are a range of money market funds managed by RBS Asset Management (RBSAM). The price was not disclosed. The transaction is expected to close in the first quarter of 2014, subject to approval by the central bank of Ireland and the Irish Stock Exchange, as well as a fund investor vote.

Goldman says that the transaction complements its existing fixed income and liquidity management businesses in Europe and globally. And, RBS indicates that it is exiting the business as part of its move to focus on its core businesses.

“GSAM’s acquisition of these money market funds emphasizes our strong and continued commitment to providing liquidity solutions on a global scale,” said Timothy O’Neill and Eric Lane, co-heads of the investment management division at Goldman Sachs.

Kathleen Hughes, GSAM’s global head of liquidity sales and European head of institutional sales, said, “This acquisition has the potential to nearly double the size of our Sterling-denominated offering and strengthen GSAM’s position in the European market, ensuring we are well positioned to deliver the scale and service that our clients have come to expect.”

“From RBS’s perspective, this transaction represents another stage in our strategic plan to focus on our core customer franchises. We are confident that this represents the best deal for our clients,” said Scott McMunn, CEO of RBSAM.