Goldman Sachs has launched a KAG (Kapitalanlagegesellschaft) asset management firm into the German market, after receiving their license from the German authorities on last month. The KAG will manage predominantly institutional money the company says and Goldmans says it does not plan to launch a retail entity at this stage.
Jim Silmann, general manager of the KAG in Frankfurt, says: “We have a reasonably good client list in Germany through our franchises and that’s who we’ll be talking to.” Goldman Sachs Asset Management currently manages around DM3bn (E1.5bn) of institutional money.
“We already have a number of existing Spezialfonds products that we’ll be bringing into the KAG over the next year or so,” Silmann says.
He adds: “Pension reform is going to happen soon, so we certainly don’t think we’re too late to be starting a KAG in the market.”