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.
According to the FT article mentioned:
"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."
The shift from active to passive is real.
GSAM is just an asset gatherer anyways. They're not known for being great in investment management or having any real expertise in it, but they can still gather funds due to the Goldman brand.
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