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GSAM closure in Korea ends Tong Yang deal

Jame DiBiasio
An overreliance upon institutional fixed income business fells Goldman Sachs Asset Management’s Korea ambitions, including a sub-advisory relationship with Tong Yang.
GSAM closure in Korea ends Tong Yang deal

Goldman Sachs Asset Management has closed its onshore business in Korea after five years of losing money. The decision will also put an end to a sub-advisory relationship with Tong Yang Asset Management, as that was meant to give GSAM a window toward selling local products to local investors.

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