Goldman Sachs has launched an aggressive recruiting drive to build its asset management business at a time when its rivals are pulling back from fund management.
The US bank will hire up to 200 staff across all regions in an attempt to establish a dominant position as one of the world’s leading asset managers. In 2007 Goldman was ranked 17th in the world in terms of assets under management.
The move comes as several of its rivals, such as Credit Suisse and Barclays, have reined back their global asset management ambitions amid sharp falls in assets and revenues.
Barclays is soon to complete the sale of Barclays Global Investors to BlackRock, the independent management group, turning it into the world’s biggest fund manager with $3,000bn of assets under management.
Goldman, which has $820bn under management, plans to expand organically.
The more you manage, the more powerful the opinion of the money manager.