Investors have redeemed close to $30bn from Goldman Sachs Asset Management’s mutual funds so far this year, making it the worst-selling fund manager globally in 2017.
Over half of the asset manager’s funds saw outflows globally, totalling $26.7bn, the FT reports, based on Morningstar data.
GSAM attributed the outflows to investors turning their backs on money market funds, adding that the rest of the mutual fund range had seen inflows year to date.
“By their nature, money market fund flows in any short period are a misleading measure of our business or longer term performance for clients,” a GSAM spokesperson says.
However, according to Morningstar, net inflows of about $6.5bn into Goldman’s non-money-market funds did not counter the withdrawals from its money market range.
Goldman Sach’s $1.3trn asset management arm has been under the cosh recently; revenues dropped just under 7 per cent in 2016 while profits were down almost 17 per cent. In Q1 this year revenues fell 7 per cent compared to the previous quarter.
In April, Goldman’s CFO Martin Chavez said. “We are not immune to what is happening generally across the industry: fee compression of various kinds [and a] shift in the mix of strategies.”