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- Deutsche Bank ‘Beyond Repair’ as Trading Drops - Autonomous Research
- Guggenheim Partners CEO Might Step Down
- Wachovia Customer Sues Wells Fargo Over FundSource Losses - Bill Singer
- Credit Downgrade for Wells Fargo Due to Fake Account Scandal
- CFTC Commissioner Quintenz Named Sponsor of the Technology Advisory Committee
- Harbour and Geneos Customers Win FINRA Arbitration Against Stockbroker - Bill Singer
- Equifax Suffered a Hack Almost Five Months Earlier Than the Date It Disclosed
- The World’s Biggest Wealth Fund Hits $1 Trillion
- At Jefferies, Like Wall Street, Trading Cedes to Banking
- Ex-SAC Trader Who Pleaded Guilty to Insider Trading Just Remembered He’s Innocent
- JPMorgan Turns to Amazon for Retail 'Customer Experience'
- Goldman Sachs Names Ken Hitchner as New Chairman for Asia Pacific
- Judge All but Tosses SEC Case Against ‘Rogue’ Trader And Ex-FBI Informant Guy Gentile
- 'Boys are #1 Among NFL's Most Valuable Teams
- Fake Tax Returns - Your Next Worry After the Equifax Breach
- FINRA DR Recruiting Arbitrators, Mediators at Congressional Black Caucus Conference
- JPMORGAN: Here's who we think will replace Warren Buffett at Berkshire Hathaway
- Mueller to Search Facebook for Russia-Linked Accounts
- Mark Gomes, Market Analyst and Trade Scalper Settles with SEC
- Equifax Waives Credit Lock Fees For Consumers, Amid Criticism
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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.