Goldman strengthens asset management arm

Goldman Sachs' asset management arm has added 42 sales representatives to its investment consulting group, doubling the size of the group to more than 80 professionals.

Goldman Sachs' asset management arm has added 42 sales representatives to its investment consulting group, doubling the size of the group to more than 80 professionals.

Goldman Sachs Asset Management had recruited salespeople over the last six months to build out its asset management business. The group is expecting greater demand from financial institutions for its mutual funds and separate managed accounts business and built out the investment consulting group to deal with the anticipated growth.

The sales team will support both the separate managed accounts business and the firm's mutual funds.

Goldman Sachs Asset Management has $6.5bn (€5.43bn) in assets under management in its separate managed accounts business and $38.9bn in long-term mutual funds and variable insurance trust assets.

Last month, GSAM's European division launched 11 new funds that open institutional strategies to retail investors. The funds make swaps and futures available to clients who are unable to invest directly in derivatives.

It is unknown if GSAM is planning a similar move in the US.