{ "docId": "019dd923-5e88-73ef-bd5a-28c72cc9d740", "docSlug": "1b9c53be021f8188", "documentTitle": "asset and wealth management mn", "authorId": "GoldmanSachs", "authorName": "Goldman Sachs", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "equity_research", "sourceTypeLabel": "Equity research", "presentationDate": null, "orientation": "portrait", "aspectRatio": 0.773, "pageNumber": 17, "pageCount": 183, "prevPage": 16, "nextPage": 18, "slideType": "appendix_disclosure", "function": "summarize", "density": "overcrowded", "nDataPoints": 0, "notes": "Form ADV disclosure page 17.", "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd5a-28c72cc9d740/17", "deckHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740#slide-17", "components": [ { "bbox": { "h": 0.065, "w": 0.794, "x": 0.128, "y": 0.143 }, "kind": "paragraph", "text": "conferences, seminars or training events on the benefits and features of specific financial instruments or investment services; (iv) hospitality of a de minimis value during meetings or those events specified in iii above; (v) connected research on an issuer in the context of an issuer capital raising; (vi) research provided for a trial period; and (vii) such other services and/or benefits that can be considered minor non-monetary benefits under applicable law from time to time.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1cff6ff8-6075-4f15-89c8-427ed2ed6d75", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.105, "w": 0.794, "x": 0.128, "y": 0.808 }, "kind": "paragraph", "text": "Other than as described below with respect to GSAM Private, advisory and management fees for Advisory Accounts generally are calculated and billed either monthly or quarterly in arrears depending on the Advisory Account, and generally (although not in all cases, including in the case of pooled investment vehicles) are payable within 30 days upon the client's receipt of an invoice. Management fees are generally paid to GSAM Private semi-annually from the assets in each Advisory Account using net proceeds from investment dispositions and/or current cash flow of an Advisory Account. The frequency of calculation of incentive fees or allocations (which in certain cases take the form of a carried interest), and the timing of", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2103587c-2f29-4612-b6b0-288a70014f54", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.085, "w": 0.794, "x": 0.128, "y": 0.222 }, "kind": "paragraph", "text": "From time to time, Goldman Sachs (including GSAM) and its personnel receive the benefit of “friends and family” and similar discounts from portfolio companies of Advisory Accounts under which such portfolio companies make their goods and/or services available at reduced rates. Since many portfolio companies typically offer such discounts to customers other than GSAM, including as part of their standard commercial practices to expand their respective customer bases, GSAM believes that the potential for conflicts relating to such discounts is mitigated.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "442bb85b-2ae3-418a-8f19-5243f36e95f8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.135, "w": 0.794, "x": 0.128, "y": 0.358 }, "kind": "paragraph", "text": "GSAM receives different types of compensation in respect of Advisory Accounts. Asset-based compensation is based on the market value of the investments in the Advisory Account (or, in the case of certain Advisory Accounts, the book, levered, or notional value, depending on the applicable advisory agreement) and is paid without regard to the performance of the Advisory Account (other than to the extent reflected in market values or, if applicable, book, levered, or notional values). GSAM receives asset-based compensation, which may be significant, in respect of an Advisory Account even if the Advisory Account loses money. Performance-based compensation is contingent on Advisory Account performance, and in some cases is subject to a preferred return or a high water mark. Considerations related to performance-based compensation are set forth in Item 6, Performance-Based Fees and Side-By-Side Management.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "45c77108-39da-4304-83a6-0e8a3d80d195", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.215, "w": 0.794, "x": 0.128, "y": 0.543 }, "kind": "paragraph", "text": "Compensation received by GSAM and its affiliates related to various services provided to Advisory Accounts, including separate accounts and accounts that are pooled investment vehicles, and Underlying Funds will generally be retained by GSAM and its affiliates. Except to the extent required by applicable law or expressly agreed to by GSAM, GSAM is not required to offset such compensation against fees and expenses a client or Advisory Account may otherwise owe GSAM and its affiliates. For example, GSAM and/or its affiliates have been, and in certain circumstances will be, paid a financing fee in connection with Goldman Sachs (including GSAM Private) arranging and structuring any financing or refinancing of an Advisory Account’s leverage facilities. The amount of such fee will not offset the management fee payable by the relevant Advisory Account. In certain circumstances, clients may negotiate for certain of the fees charged in respect of Advisory Accounts to be credited against the fees GSAM charges such clients in respect of other Advisory Accounts in which they invest or which are managed on behalf of such clients. For additional information regarding fee arrangements with respect to Advisory Account investments in Affiliated Products, see Item 10, Other Financial Industry Activities and Affiliates, Conflicts Relating to the Allocation of Advisory Account Assets to Affiliated Products and External Products.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4756a092-3ea7-4612-bdfb-c99b528cb2e3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.143, "x": 0.779, "y": 0.093 }, "kind": "paragraph", "text": "Form ADV | March 31, 2025", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5af7c698-4d93-4ff5-bd75-e6c4f6d01d0e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.045, "x": 0.877, "y": 0.935 }, "kind": "paragraph", "text": "Page | 17", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "720adb00-53c8-400e-bd2d-eff8b03155b5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.335, "x": 0.128, "y": 0.782 }, "kind": "title", "text": "CALCULATION AND DEDUCTION OF ADVISORY FEES", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1023cf3e-6347-4a2d-a699-2cbefae3b928", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.315, "x": 0.128, "y": 0.517 }, "kind": "title", "text": "Compensation Received by Goldman Sachs", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3e189aa9-8671-49b2-a26a-d76e87353c9f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.455, "x": 0.128, "y": 0.332 }, "kind": "title", "text": "Considerations Related to Asset-Based and Performance-Based Compensation", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7f546463-23ac-47cd-a7a6-4a7fca6f1d23", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.246, "x": 0.128, "y": 0.093 }, "kind": "title", "text": "Goldman Sachs Asset Management", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ef2b8b3a-a230-474e-9e94-04d14e72f72c", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "from": 5, "beatId": "c0b0292a-359f-464d-8c34-365b44114f4c", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Problem & Complication", "beatSlug": "consultants-gambit-problem-complication", "evidence": "The firm discloses potential risks and complications associated with its advisory services, such as investment restrictions and conflicts of interest.", "position": 1, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "loops": [ { "to": 20, "from": 10, "name": "Pattern Hunter", "slug": "02-pattern-hunter", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "matchId": "10ff836c-ab7e-499b-b885-b2ddbb3af0fa", "evidence": "The firm discloses potential risks and complications associated with its advisory services, such as investment restrictions and conflicts of interest.", "position": 0, "objective": "What are the potential risks and complications associated with Goldman Sachs Asset Management's advisory services?", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "confidence": 0.7, "description": "Group multiple pieces of evidence that together point to a pattern or conclusion" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }