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- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
- House Passes Bill to Streamline 'Volcker Rule'
- CEO Charged with Penny Stock Fraud - SEC
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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.