BROWSE BY TOPIC
Stories of Interest
- Deutsche Bank Reports Q2 Profit Surge, But Revenue Shortfall
- Deutsche Bank Warns on Outlook as Cryan's Turnaround Slows
- Jeff Bezos Surpasses Bill Gates as World's Richest Person
- Piper Jaffray Posts 2Q Profit
- Raymond James Beats Q3 Earnings on Improved Revenues
- Libor Funeral Set for 2021 - Now to Find a Rreplacement
- Halliburton Paying $29.2 Million to Settle FCPA Violations
- SEC Charges Two Las Vegas-Based Individuals and Their Company in "Prime Bank" Fraud
- Cohn and Yellen are Contenders to Lead the Fed - Trump
- The Boss Wants You Back in the Office
- Bond Trader Barred by FINRA Wins Arbitration for Unpaid Wages - Bill Singer
- How Does this Square with Trump? Putin Puts North Korea Ties Before Missile Threat
- Venture Funds Reach Dot-Com Era Levels (subsc reqd)
- Libor and London Whale Cases Show Hurdles With Foreign Defendants
- Silence Equals Complicity in Workplace Sexism
- Strange Case of Martin Shkreli Is Wrapping Up
- Citi Private Bank Promotes David Bailin to Global Head of Investments
- Billionaire Dan Loeb Bets Big on BlackRock, World's Largest Asset Manager
- Steve Cohen Planning to Launch $20Bn Hedge Fund
- ‘A Bleak Picture’ for Women Trying to Rise at Law Firms
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
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.