NEW YORK - In 1934, German engineer Ferdinand Porsche invented the "people's car," known today as the Volkswagen Beetle. Affordable and reliable, it was arguably the first car within reach of the everyday consumer and almost instantly brought mass motoring to the streets of Germany. Over its lifespan, it has accounted for more sales worldwide than even Henry Ford's Model T.
Taking a cue from Herr Porsche, Goldman Sachs Asset Management (GSAM) has launched a sort of "people's fund," the Goldman Sachs U.S. Equity Dividend and Premium Fund. With a relatively thrifty management fee of 75 basis points and a minimum investment of $1,000 that would hardly imply exclusivity, the new equity fund is a retirement-oriented product that targets a broad demographic of individuals and institutions.