Goldman to Trim Asset Management Unit's Investments, Reuters Reports

By Dean Seal

--The asset management unit of Goldman Sachs Group Inc. plans to reduce $59 billion of alternative investments that weighed on its earnings, Chief Investment Officer of Asset and Wealth Management Julian Salisbury tells Reuters.

--Goldman is looking to divest its positions over the next few years and swap some funds on its balance sheet with outside capital, according to Mr. Salisbury.

--"I would expect to see a meaningful decline from the current levels," Mr. Salisbury says.

--Last week, the Wall Street giant reported a 66% drop in profit during the fourth quarter as corporate dealmaking slowed and investment-banking fees slumped.

Full story: https://www.reuters.com/business/finance/goldman-sachs-cut-asset-management-investments-that-weighed-earnings-2023-01-23/

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

01-23-23 0647ET