Goldman Sachs Asset Management (GSAM) is stepping up its efforts to serve as a sub-adviser to onshore fund managers and distributors of investment products in Asia.
The firm has transferred Lloyd Reynolds from London to Singapore as head of sub-advisory for Asia ex-Japan. It is a newly created role and follows on the building of such services in Europe over the past several years.
Reynolds previously headed marketing and product development for the firm's international (ex-North America) business across all GSAM activities. This was a broader role, in which sub-advisory was one of many services the firm used to develop relationships in the wholesale retail fund space.
Now Reynolds' focus is solely on sub-advisory in Asia; GSAM is already a competitive player in the institutional space. "As we grow our business, we want to move into wholesaling," he says. "We're starting with sub-advisory."
Such work means the firm does not need to have onshore fund ranges in Asian markets. Reynolds, in conjunction with onshore teams, can provide local fund houses or distributors with access to GSAM's existing global product set or to bespoke designs.
The November edition of AsianInvestor magazine takes a close look at the issues around the sub-advisory business in South Korea.