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- Trump defends Roy Moore: 'He totally denies it'
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- FIFO: Senate Plan Lets Mutual Funds Skip A Tax Change That Hurts Individual Investors
- FINRA Introduces New Functionality and Design to Fund Analyzer
- Oyster Bay, NY, and Former Top Official Charged with Defrauding Muni Investors
- State Street Challenging BNY Mellon As Largest Custody Bank
- Changes to FINRA Advisory Committees: Phase 1
- SEC Approves CAT Fee Dispute Resolution Process
- Boston-Area Consultant & Friend Settle SEC Insider Trading Charges
- SEC Chair Clayton: Statement on Status of the Consolidated Audit Trail ('CAT')
- Goldman to Launch $5bn Fund with China Investment Corp.
- Wells Fargo Launches Robo-Adviser Targeting Millenial Investors
- Barclays Fails to End U.S. 'Dark Pool' Class Action
- Goldman Sachs' Chief Risk Officer, Craig Broderick, to Retire
- Time to Renew FINRA Registrations - B/D, IA, Agent, IA Rep, Branches
- New Jersey’s Next Governor Could Be a Democrat Who Worked at Goldman Sachs
- FINRA New York Region Networking Seminar - December 1st
- SEC Approves “Pay-to-Play” and Related Rules for Capital Acquisition Brokers
- Hedge Fund Giant Paul Singer Targeted for Destruction by Steve Bannon
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NEWSLETTERS & ALERTS
Goldman Sachs is Worst-Selling Fund Manager in 2017
[Photo: Goldman NYSE Booth, by Justin Lane / EPA file]
While not exactly 'first to worst', the news is still an embarassment for Goldman Sachs which seeks top ranking in all of its endeavors. According to Morningstar, investors have, so far in 2017, pulled nearly $27 billion from mutual funds run by Goldman Sachs Asset Management. - almost double the level of withdrawals experienced by Federated Investors, the 2nd-worst selling mutual fund firm. Other fund complexes that have experienced significant outflows are: Fidelity, Morgan Stanley and Franklin Templeton.
FinancialTimes reports that GSAM blamed the large outflows this year on investors pulling out of its money market funds, short-term investment vehicles that provide clients with a liquid alternative to cash. A spokesman added that the company’s mutual fund range, excluding money market funds, had inflows so far this year.
And, just to put these numbers into proper perspective, GSAM has $1.3 trillon under management. That said, the division's has seen Q1 revenues fall nearly 7% from the same period last year, while profilts have fallen almost 17%. The firm acknowledges that it has felt the same sting that has crippled active fund management throughout the industry.