Goldman asset management executive Gottlieb to leave firm

A Goldman Sachs sign is seen over the company's trading stall on the floor at the New York Stock Exchange, March 21, 2013. REUTERS/Brendan McDermid

Goldman Sachs Group Inc’s Jason Gottlieb, a partner in the bank’s asset management division, is leaving the firm.

Gottlieb, one of four portfolio managers on the GoldmanSachs Multi-Manager Alternatives Fund  will leave the bank in August, according to an internal memo sent last week and seen by Reuters.

A Goldman Sachs spokesman confirmed the contents of the memo but declined to discuss the reasons for Gottlieb’s departure.

Goldman‘s Multi-Manager Alternatives Fund allows retail investors to gain exposure to alternative investments, such as hedge funds, through a mutual fund.

The fund has returned 1.9 percent since the beginning of the year, compared to 0.2 percent for the HFRX Global Hedge Fund Index and 5.8 percent for the S&P 500.

The fund will continue to be managed by Kent Clark, Ryan Roderick and Betsy Gorton.

Gottlieb joined Goldman in 1996 and has worked in the bank’s risk department, where he was responsible for analyzing market risk on the firm’s trading portfolios, according to Morningstar. He was named partner in 2014.

Gottlieb’s departure comes as Goldman is looking to grow its investment management arm, known as GSAM, as regulatory pressures have crimped growth in traditional profit centers like trading.

But asset management businesses are facing increasing outflows from mutual funds that hand pick their positions, in favor of so-called passively managed funds with lower fees.

So-called “alternatives” funds generally carry higher fees than other mutual funds.

Goldman‘s Multi-Manager Alternatives Fund charges an expense ratio of 2.5 percent, meaning investors will pay $250 in annual fees for every $10,000 invested. That compares to 0.77 percent in fees that investors paid for the average stock-and-bond mutual fund in 2015, according to the Investment Company Institute trade group.

Firms from Goldman to JPMorgan Chase & Co to Legg Mason Inc have been launching new exchange traded funds to capitalize on an investor shift toward funds with lower fees.

Goldman saw total assets under supervision in its investment management division increase by $35 billion to $1.29 trillion in the first quarter.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.