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Goldman Sachs worst-selling fund manager of 2017; investors pull out $27 bn

Revenues at GSAM dropped nearly 7% in 2016 and profits fell close to 17%

Reuters 

A sign is displayed in the reception of Goldman Sachs in Sydney (Photo: Reuters)
A sign is displayed in the reception of Goldman Sachs in Sydney (Photo: Reuters)

Investors have pulled an estimated $26.7 billion from Asset Management's so far in 2017, according to Morningstar data, the Financial Times reported Sunday, making Goldman the world's worst-selling globally.

The nearly $27 billion of outflows from 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 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.)

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