Defending the public image of Goldman Sachs is surely no easy task. Having settled fines over issues ranging from misleading investors on mortgage-backed securities to dodgy dark pool trading, the bank has attracted some of the fiercest criticism in the era of distrust surrounding the financial crisis and the banking sector in particular.
Sadly the organisation does not seem keen to reverse its reputation for opacity and arrogance. This week, WSJ sister title Money Marketing submitted a simple request to all the funds in the IMA China sector: where is the investment team based?
Responses trickled through (Shanghai, London, Hong Kong, Edinburgh) until all but one fund had failed to disclose the location of its investment staff.
Perhaps the press team behind the Goldman Sachs China Opportunity fund had simply missed the enquiry amid the tidal wave of accusatory press calls?
Eventually, however, a response was forthcoming, although it resulted in MM being politely informed the firm would not divulge the requested information. This means Goldman is the only provider that refuses to disclose where the fund is managed from.
When it’s convenient to do so, Goldman Sachs has proudly declared its “transparent approach from a global leader”.
The reason for the refusal remains unclear. But no doubt less inquisitive investors will still be keen on the ‘opportunity’ to invest in China with Goldman.