Goldman Sachs Asset Management is considering selling its Australian equities and fixed income businesses, say sources, as it looks to exit itself from one of the country's most competitive markets. Goldman Sachs' Australian fund management business oversees about AUD 9bn ($1.89tn), making it a relatively small player in Australia's AUD 2.6tn ($6.6bn) wealth management market where scale is often critical. This potential move comes after UBS offloaded its private bank in Australia last year after a review of its under-performing businesses.
Goldman Sachs Asset Management is considering selling its Australian equities and fixed income businesses, say sources, as it looks to exit itself from one of the country's most competitive markets. Goldman Sachs' Australian fund management business oversees about AUD 9bn ($6.6bn), making it a relatively small player in Australia's AUD 2.6tn ($1.89tn) wealth management market where scale is often critical. This potential move comes after UBS offloaded its private bank in Australia last year after a review of its under-performing businesses.