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Wells Street Journal: Goldman Sachs’ new blackbox fund

Whoever says asset management is shrouded in secrecy clearly has never had the pleasure of reading an industry-standard factsheet. Here at WSJ Towers, broken windows are regularly repaired with the documents, such is their transparency.

But it seems Goldman Sachs Asset Management didn’t get the memo. Surprisingly for a fund trying to attract investors, basic details on Goldmans’ fledging multi-manager offering are extremely hard to come by.

The holdings of the £50m Wealthbuilder Multi-Asset Growth Portfolio are a closely guarded secret, absent from factsheets and reportedly under lock and key by armed guards at GSAM HQ.

Charges levied make the grade, as does the fund’s allocation. But the firm is reluctant to give any further information – the theory being presumably that investors could become overloaded by unimportant details such as the fund’s performance, which is helpfully excluded from the Key Investor Information Document. This is because the fund is less than a year old, GSAM says.

Interestingly, the factsheet sports a warning to investors not to rely on past performance; sage advice, but tricky to do without any performance stats whatsover.

Luckily for advisers, the fund’s performance details have been shared with FE Analytics. That shows the fund has outpaced the Mixed Asset Aggressive sector by almost 5 percentage points since launch, posting a return of 1.39 per cent over the past eight months.


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Govt refuses to disclose pension guidance take-up estimate

The Government has come under attack for refusing to disclose how many people it expects will use its guidance service Pension Wise. This week a Freedom of Information request submitted by Money Marketing asking for the Government’s predictions on the new service’s workload was rejected. Advisers are set to pay £4.2m towards the £35m the […]


ABI warns Govt ‘not ready’ for pension freedoms

The pensions industry is being hampered in its efforts to be ready for the pension reforms because crucial details remain unanswered by the Government, according to the Association of British Insurers. Speaking at the ABI Retirement Conference in London today, director general Huw Evans said: “It is impossible to stand here six weeks before 6 […]


L&G pensions director Adrian Boulding exits

Legal & General pensions strategy director Adrian Boulding is to leave the insurer in August as the exodus of senior pensions staff continues. Boulding’s departure is the latest high profile exit from L&G’s pensions business in the last few months. Earlier this month, Money Marketing revealed head of strategy for individual annuities Tim Gosden had left and […]

Inheritance tax and estate planning – exemptions and reliefs

By Kim Jarvis, technical manager with Canada Life’s ican Technical Services Team In this article we look at the main exemptions and reliefs that are available on death. Within the article, spouse also means civil partner.   Nil-rate band Under current rules, any part of the estate that falls within the available nil-rate band (NRB), […]


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