{ "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": 181, "pageCount": 183, "prevPage": 180, "nextPage": 182, "slideType": "appendix_disclosure", "function": "other", "density": "overcrowded", "nDataPoints": 0, "notes": "This is a standard regulatory disclosure document.", "elementsJson": [ "paragraph", "bullet_list", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd5a-28c72cc9d740/181", "deckHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740#slide-181", "components": [ { "bbox": { "h": 0.08, "w": 0.5, "x": 0.15, "y": 0.75 }, "kind": "list", "text": "Goldman Sachs Asset Management International\nGS Investment Strategies, LLC\nGoldman Sachs Hedge Fund Strategies, LLC\nGoldman Sachs & Co. LLC", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7630c3e6-fbb3-4d28-8687-f9fb120cd955", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.4 }, "kind": "paragraph", "text": "We understand that the Sponsor is providing certain information to Plans with Separate Accounts in order to satisfy the Sponsor’s disclosure requirements under ERISA Section 408(b)(2). The information below regarding GSAM and certain related entities is intended for the Sponsor and any Plan fiduciaries to whom the Sponsor sends (or causes or requests to be sent) this information. The Sponsor and any such Plan fiduciaries are referred to as “you” throughout this document.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "00381fe7-797a-4c58-9a2d-da8a3c143e2f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.16 }, "kind": "paragraph", "text": "The Department of Labor's final regulations (the “Regulations”) under Section 408(b)(2) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), require certain service providers to provide written disclosures regarding their services and compensation to authorizing fiduciaries of retirement plans that are subject to the fiduciary responsibility provisions of ERISA (“Plans”) to assist them in assessing the reasonableness of the contract or arrangement between the Plan and the service provider.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "021d4f63-3918-42ce-b4a3-b1300b781caa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.28 }, "kind": "paragraph", "text": "The sponsor of the wrap platform (the “Sponsor”) engages Goldman Sachs Asset Management, L.P. (“GSAM” or “we”) as a discretionary investment manager (with trading authority) over separately managed accounts on the Sponsor’s wrap platform (“Separate Accounts”). Since the investment advisory agreement is between the Sponsor and GSAM and the Sponsor, and the Sponsor (not the Plans) determines to engage GSAM as an investment manager on the platform, we do not believe we are a “covered service provider” (within the meaning of the Regulations).", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "10823fb4-fb21-48a6-8c30-dce1333af0e2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.1, "y": 0.54 }, "kind": "paragraph", "text": "If authorized under the investment advisory agreement (the “IAA”) between the Investment Advisor and the Sponsor, certain affiliates of the Investment Advisor may provide advisory services with respect to the Separate Account (“Advisory Affiliates”).", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "16022ad0-ca88-42b4-ab32-5fac271c8d8b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.63 }, "kind": "paragraph", "text": "Where a Separate Account is held by a Plan investor, each of the GS Advisors acts as a fiduciary with respect to the assets of such Separate Account by providing either discretionary (or, in the case of the Advisory Affiliates if applicable, advisory) investment management services with respect to the investment style or strategy described in the IAA. The Investment Advisor is a registered investment adviser under the Investment Advisers Act of 1940 (the “Advisers Act”). The following entities are also registered investment advisers under the Advisers Act and may, if authorized under the IAA, act as an Advisory Affiliate:", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "445e461c-2d69-405e-98ed-21b43fb3cdb9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.1, "y": 0.5 }, "kind": "paragraph", "text": "The entity that has been engaged by the Sponsor to provide investment management services to the Separate Account (the “Investment Advisor”) is GSAM.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9ee0a144-cbca-49dd-8453-39adc9917235", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.58 }, "kind": "paragraph", "text": "For purposes of this disclosure document, the Investment Advisor and Advisory Affiliates, if applicable, are referred to herein as “GS Advisors.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e139135f-eb36-43a9-af34-7578571c40d3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.85 }, "kind": "source-note", "text": "1 For the avoidance of doubt, the GS Advisors do not act as fiduciaries with respect to a Plan’s decision to invest in a Separate Account.", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "212a652c-f0b4-4a84-9254-4046a043c392", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "title", "text": "SERVICE PROVIDER DISCLOSURE FOR GOLDMAN SACHS SEPARATELY MANAGED ACCOUNTS ON WRAP PLATFORM (DISCRETIONARY WITH TRADING AUTHORITY)", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "27d2054c-03a2-4b90-bf9b-e73f50df16bc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.8, "x": 0.1, "y": 0.48 }, "kind": "title", "text": "GS Advisors", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3808585a-29a1-4e7f-9c17-b15183752cbe", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.8, "x": 0.1, "y": 0.61 }, "kind": "title", "text": "Status of GS Advisors and Description of Services", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8c42f9f4-42b1-4860-bdea-84a79fc6cf59", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }