A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York January 24, 2014. REUTERS/Lucas Jackson

(Reuters) - The investment management arm of Goldman Sachs Group Inc GS.N has agreed to acquire an online retirement savings platform as it looks to offer financial services to small businesses and startups.

Goldman said on Monday it would buy Austin, Texas-based Honest Dollar, which makes it cheaper and easier for small businesses to provide retirement benefits for their employees. The company targets the 45 million Americans who don’t have access to employer-sponsored retirement plans and aims to cut out hidden fees that saddle larger providers.

Goldman did not disclose the terms of the deal. The deal is expected to close in the second quarter of 2016 and Honest Dollar will remain based in Austin.

Honest Dollar charges companies fees as low as $8 per employee per month, according to its website. Goldman is looking to grow its investment management division as regulatory pressures have crimped growth in traditional profit centers like trading.

The division is introducing new products, like exchange traded funds. Goldman’s investment management arm grew its total assets to $1.25 trillion, the most ever, during the fourth quarter of 2015.