ALSO READMutual fund CEO salaries rise in 2016-17; loss-making funds also pay big Goldman Sachs veteran Prashant Khemka to start own India fund Govt strikes balance between fiscal prudence, growth boost: Goldman Sachs Mutual funds asset hit all-time high of Rs17.37 lakh crore in January Warburg Pincus taps Goldman Sachs to sell Safetykleen Europe
Investors have pulled an estimated $26.7 billion from Goldman Sachs Asset Management's mutual funds so far in 2017, according to Morningstar data, the Financial Times reported Sunday, making Goldman 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, FT said. Goldman's outflows were almost twice the level of withdrawals experienced by Federated Investors, the second-worst selling fund house.
Revenues at GSAM dropped nearly 7 percent in 2016 and profits fell close to 17 percent.
Revenues were down 7 percent in the first quarter of 2017 compared to the previous three-month period.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)