GLOBAL - Despite announcing a 27% slip in overall group profits, Goldman Sachs Asset Management registered an 18% rise in assets under management over the second quarter of trading for 2005.
GSAM saw a net inflow of US$10bn in assets under management during the quarter, with assets under management up to US$490bn and according to Ted Sotir, managing director and co-head of Goldman Sachs Asset Management, it sees continued growth potential for the remainder of the year.
Sotir told Global Pensions that Goldman Sachs had been successful in attracting more pensions mandates, and announcements on who they had captured would be made shortly.
He said business in the US, Europe and Asia where all “growing quite nicely,” and that the UK was showing strong signs of a move towards specialist mandates and the concept of new balanced. He also saw potential in Scandinavia.
Sotir added: “You would also say there is a little bit more interest in the Middle East due to what has happened with oil prices. I think that will be an attractive region where money can be sourced from.”
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.