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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.