Tong Yang mandates Goldman Sachs AM for sub-advisory role

Goldman Sachs Asset Management has signed an agreement with South Korea's Tong Yang Securities to provide sub-advisory services to its wealthy clients. Lloyd Reynolds, Singapore-based head of sub-advisory for Asia ex-Japan, says the idea is to go beyond simply providing global products to Tong Yang's network of high-net-worth clients. Investors and partners increasingly want advice and value-added services, he adds. The agreement with Tong Yang covers two basic areas -- building a pro…