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Alternative Market Briefing

Goldman Sachs raises $58m in first month of its 'hedge fund for the masses’

Thursday, June 06, 2013

From Komfie Manalo, Opalesque Asia – Less than a month after introducing its "hedge fund for the masses," Goldman Sachs asset management arm’s (GSAM) Multi-Manager Alternatives Fund raised $58m from interested retail investors, reported Trefis.

The fund, the first of its kind that allows the masses with $1000 to spare to invest into hedge funds that are traditionally reserved for the ultra-rich, was launched by Goldman Sachs last month, and has generated significant interest from the industry resulting in a considerable amount of assets generated since its launch, the report said.

Although the amount is nowhere near the $748bn in assets that GSAM managed at the end of Q1-13, it proved that there is a big demand for high-yield products among retail investors that are still untapped by most large fund managers. The report suggested that it would not be a surprise if other financial giants like Morgan Stanley, Bank of America, and UBS offer a similar product in the near future.

The report said, "What remains to be seen is how the market reacts to the offering over the coming months - something that will almost entirely depend on the performance of this fund. If it were to prove successful, then we should see more demand for similar funds from Goldman in the years to come - helping it amass more assets under GSAM."

In mid-May, GSAM annou......................

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