Goldman’s asset management unit to cut alternative investments, Reuters reports

Goldman’s asset management unit will significantly cut the $59B of alternative investments that weighed on the bank’s earnings, Reuters’ Saeed Azhar reports. Julian Salisbury, chief investment officer of asset and wealth management at Goldman Sachs, told Reuters in an interview, that the bank plans to divest its positions over the next few years and replace some of those funds on its balance sheet with outside capital. Salisbury commented that "I would expect to see a meaningful decline from the current levels… It’s not going to zero because we will continue to invest in and alongside funds, as opposed to individual deals on the balance sheet." Reference Link