Goldman Sachs Asset Management continues to struggle with leadership changes and investment team turnover, supporting an Average Parent rating.
Marc Nachmann, a veteran of the firm’s investment banking division, took over as global head of asset and wealth management when those units were combined in 2022. This reorganization took place less than one year after GSAM completed the acquisition of NN IP, which extended the firm's reach in Europe and capabilities in sustainable investing. In the years since these changes, the firm has weathered significant turnover. The former co-heads of asset management left the firm after only about two years in those roles. GSAM also endured leadership departures from its fixed-income, multi-asset, equity, and risk management teams, which coincides with a steady degree of analyst departures and additions. Although the firm made key hires for the fixed-income platform, the scale and pace of change have been disruptive.
Under Nachmann's leadership, the firm is looking to expand its distribution reach and improve investment capabilities, but the efforts are in early stages and unproven. In 2025, it launched a strategic collaboration with T. Rowe Price under which the two firms would cocreate public/private investment solutions for retirement and wealth clients. It also announced plans to acquire Innovator Capital Management to gain a stronger foothold in defined-outcome exchange-traded funds. The firm boasts bright spots in quantitative equity and municipal bond investments, but its other investment strategies struggle to stand out.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, Goldman Sachs (Branding Name ID: BN000008Y2), is covered by Morningstar Manager Research.
United States