Goldman Sachs’s Jim McNamara, head of a business that sells the firm’s mutual funds and ETFs to third parties such as retail brokerages, is leaving the bank after almost two decades.
Actively managed funds saw the majority of the largest outflows this year as investors flocked to less expensive passive alternatives.
McNamara will depart at the end of the year and continue as an advisory director and president of Goldman Sachs Asset Management’s U.S. mutual fund boards, according to a memo sent this week by Tim O’Neill and Eric Lane, co-heads of the investment-management division.
Andrew Williams, a spokesman for the New York-based bank, confirmed the contents of the memo and declined to comment further.
-
There are two that hold stocks that have boosted dividends for 20 years or more.
July 17 -
The positive net flows of U.S. mutual funds was driven by taxable bonds.
July 5 -
How new competing international and small-cap ETFs stack up.
June 12
“Jim has been instrumental in the expansion of GSAM’s third-party client franchise and in delivering innovative market solutions for our clients,” O’Neill and Lane wrote in the memo.
McNamara joined Goldman Sachs in 1998, became managing director in 2000 and made partner in 2006. He’s a member of the Investment Company Institute’s board of governors and executive committee, and will continue there in his role as a Goldman Sachs advisory director, according to the memo.
Goldman Sachs’s investment management division, made up of GSAM as well as the private wealth business, supervised $1.37 trillion in assets as of the end of March. The division’s $1.5 billion in first-quarter revenue accounted for 19% of the firm’s total.
