GSAM closure in Korea ends Tong Yang deal
An overreliance upon institutional fixed income business fells Goldman Sachs Asset Management’s Korea ambitions, including a sub-advisory relationship with Tong Yang.
Goldman Sachs Asset Management has closed its onshore business in Korea after five years of losing money. The decision will also put an end to a sub-advisory relationship with Tong Yang Asset Management, as that was meant to give GSAM a window toward selling local products to local investors.
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