(Reuters) - 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.
Revenues at GSAM dropped nearly 7 percent in 2016 and profits fell close to 17 percent.
Revenues were down 7 percent in the first quarter of 2017 compared to the previous three-month period.
Reporting by Dion Rabouin; Editing by David Gregorio