Clients pulled a record net $39bn (-28.9bn) from the asset management arm of Goldman Sachs in the first quarter of 2010, as they reallocated out of cash products but away from the firm.
Clients pulled a record net $39bn (€28.9bn) from the asset management arm of Goldman Sachs in the first quarter of 2010, as they reallocated out of cash products but away from the firm.
Goldman Sachs Asset Management lost a net $39bn of assets, the equivalent of $619m in mandates per working day, in the first three months of the year, according to its parent company’s results announced at midday.
This amounted to the company’s highest-ever quarterly net outflows and dwarfed the net $10bn that was pulled from its funds in the third quarter of last year.
Related
The company’s announcement showed $45bn in client assets had been pulled from its money market funds over the quarter. This was broadly in line with market activity which saw renewed investor interest in equity, alternatives and other return producing asset classes after Christmas.
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