Goldman folds BRIC fund after losses

Goldman Sachs Blink

The BRIC era is coming to an end at Goldman Sachs.

Bloomberg News reports that the bank’s asset-management unit folded its money-losing BRIC fund, which invests in Brazil, Russia, India and China, and merged it last month with a broader emerging-market fund.

Goldman Sachs pulled the plug on the nine-year-old product because it doesn’t expect 'significant asset growth in the foreseeable future', according to a filing to the U.S. Securities and Exchange Commission.

Fourteen years after former Goldman Sachs economist Jim O’Neill coined the acronym that ushered in an unprecedented investment boom, the biggest emerging markets are now sputtering. 

To access the complete Bloomberg News article hit the link below:

Goldman's BRIC Era Ends as Fund Folds After Years of Losses

ABN Amro Third-Quarter Profit Increases as Impairments Drop

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts