As per the data presented by Morningstar, the “Asset Management’s mutual funds” of Goldman Sachs saw its investors pulling an “estimated” amount of “$26.7” till date in the year of 2017, reported the Financial Times. As a result, Goldman turned out to be the “world’s worst-selling fund manager globally”.
The above mentioned outflow figures nearly accounts for over fifty percent of GSAM’s “asset manager’s strategies globally”, said the Financial Times. Federated Investors, “the second-worst selling fund house”, experienced that the outflows of Goldman were twice as much as the “level of withdrawals”.
There was a seven percent drop in GSAM’s revenues in the year 2016, while its profit collapsed by seventeen percent, whereas in the first quarter of 2017 alone GSAM witnessed a revenue drop of seven percent in comparison to the “previous three-month period”.
References: www.reuters.com
