Goldman Sachs Adds Fund
Goldman Sachs Asset Management LP is launching Goldman Sachs Strategic Income Fund, a diversified portfolio of domestic and foreign fixed-income securities designed to provide higher-yielding income investments not tied to a specific benchmark.
It offers investments across global fixed-income markets irrespective of country, currency, quality or duration. By not being tied to a benchmark, the fund is designed to allow portfolio managers to have more flexibility to adjust sector allocations to provide attractive return potential and to better manage overall risk.
Vanguard Makes Fund Changes
Vanguard has announced that AXA Rosenberg Investment Management will no longer be an investment advisor on three Vanguard funds: the Explorer Fund, the U.S. Value Fund and the Market Neutral Fund.
In April, Vanguard announced it was reviewing whether to continue the relationship with AXA. On April 15, AXA told clients that a "coding error" was found in June 2009 in the model it used to select investments, according to Bloomberg. The error was corrected a few months after it was discovered, but senior officials didn't report it in "a timely manner," AXA told clients.
The 12% of Vanguard's Explorer Fund that was managed by AXA has been apportioned to several of the fund's six remaining advisors. The Vanguard Quantitative Equity Group will now solely manage the U.S. Value and Market Neutral funds. AXA had managed 65% of U.S. Value and 45% of Market Neutral.