Investors Hit The Exits At Goldman Sachs AM's Mutual Funds - Media

Tom Burroughes

10 July 2017

Investors have pulled an estimated $26.7 billion from Goldman Sachs Asset Management’s mutual funds so far in 2017, the Financial Times reported, citing industry figures. The outflow means that is the world's worst-selling fund manager globally.

The nearly $27 billion of outflows from GSAM represent more than half of the asset manager’s strategies globally, the newspaper, quoting figures from Morningstar, said.

Goldman’s outflows were almost twice the level of withdrawals experienced by Federated Investors, the second-worst selling fund house, the report continued.

Revenues at GSAM dropped by almost 7 per cent in 2016 and profits fell close to 17 per cent; they also fell in the first three months of this year, the report added.