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16:29, 10-Jul-2017
Goldman Sachs becomes worst-selling fund manager
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Investors have pulled an estimated 26.7 billion dollars from Goldman Sachs Asset Management’s mutual funds so far in 2017, according to Morningstar data, the Financial Times reported Sunday, making Goldman the world's worst-selling fund manager.
The nearly 27 billion dollars of outflows from GSAM represent more than half of the asset manager’s strategies globally, FT said.
Goldman’s outflows were almost twice the level of withdrawals experienced by Federated Investors, the second-worst selling fund house.
Revenues at GSAM dropped nearly seven percent in 2016 and profits fell close to 17 percent.
Revenues were down seven percent in the first quarter of 2017 compared to the previous three-month period.
(Source: Reuters)