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Goldman Sachs to reduce alternative investments weighing on earnings

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By Michael Elkins

Reuters reports today that Goldman Sachs’ (NYSE:GS) asset management arm will significantly reduce the $59 billion of alternative investments that weighed on the bank's earnings.

Goldman Sachs plans to divest its positions over the next few years and replace some of those funds on its balance sheet with outside capital, Julian Salisbury, chief investment officer of asset and wealth management at Goldman Sachs, told Reuters in an interview.

"I would expect to see a meaningful decline from the current levels," Salisbury said. "It's not going to zero because we will continue to invest in and alongside funds, as opposed to individual deals on the balance sheet." The move is an extension of a strategy laid out in 2020, as the bank aims to reduce its on-balance sheet investments and boost earnings from fees.

The bank will provide further details on its asset plan during Goldman Sachs' investor day on Feb. 28, he said.

Shares of GS are up 0.63% near end of day trading on Monday.

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