Goldman Sachs Plans to Expand its Asset Management Staff

Goldman Sachs (NYSE:GS) is in the process of actively expanding its asset management arm which manages assets for institutional investors, rich individuals and other banks and intermediaries. The firm said it plans to appoint about 200 staff across all regions, as part of a push to become one of the world’s top asset managers.

“We are moving back on the offensive,” Marc Spilker, Goldman’s co-head of investment management business, tells the Financial Times. “Our strategy is to grow and it is a high priority.”

The paper also reported that Goldman plans to expand its investment management business organically instead of through acquisitions.

“We wouldn’t rule out acquisitions, but we won’t put growth ahead of everything. Growth must be in the context of long-term performance. We do not want to disturb what we have got,” Spilker told the paper.

Goldman’s asset management division has about $822 billion under management. Its net revenues in Q2 printed at $922 million, about 6.5% of the bank’s total net.

In 2007 Goldman Sachs was ranked 17th in the world in terms of assets under management.

The firm said the hiring started three months ago.

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