{ "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": 52, "pageCount": 183, "prevPage": 51, "nextPage": 53, "slideType": "appendix_disclosure", "function": "summarize", "density": "overcrowded", "nDataPoints": 0, "notes": "This is a page from a Form ADV regulatory filing.", "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd5a-28c72cc9d740/52", "deckHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-28c72cc9d740#slide-52", "components": [ { "bbox": { "h": 0.11, "w": 0.74, "x": 0.13, "y": 0.41 }, "kind": "paragraph", "text": "MAS Program Funds currently include pooled investment vehicles managed by the MAS team that invest across asset classes or focus on specific strategies, as well as vehicles managed by other investment managers, including affiliates, to which the MAS team provides asset allocation advice and other services. MAS Advisory Accounts may invest in MAS Program Funds, including those that are Affiliated Products. In certain situations, MAS may agree to provide a different or lower level of services (such as due diligence, oversight, and monitoring of Unaffiliated Advisers and Underlying Funds) than typically offered.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1bea9130-fe13-445e-b3a4-3073aaf651d5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.74, "x": 0.13, "y": 0.92 }, "kind": "paragraph", "text": "The MAS team may reach different conclusions for different products, investment managers, and Advisory Accounts, even if similarly situated. Factors may vary in importance depending on the product, advisory account, client objectives and risk", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1f9fd6ff-a574-457e-8f5a-6db975fed6eb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.74, "x": 0.13, "y": 0.14 }, "kind": "paragraph", "text": "clients, defined contribution clients, endowments and foundations. MAS Advisory Accounts can be managed on a discretionary or non-discretionary basis.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5db2cb7e-c34c-4164-92ab-365adb05ec35", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.74, "x": 0.13, "y": 0.8 }, "kind": "paragraph", "text": "For certain of its clients, the MAS team initially reviews and recommends an asset allocation strategy by asset class. MAS then evaluates and recommends exposure to different types of investment strategies within each asset class, including active, enhanced, and passive strategies. These recommendations are based on client objectives and input (e.g., risk, expected returns, and fees and expenses), and may include alternative investments, such as private equity, real estate and hedge funds. For defined contribution Advisory Accounts, MAS may consider industry standards, behavioral finance, client-specific factors, and the current and/or prior investment structure, among other factors, when making investment structure recommendations or decisions.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "854350b1-2280-4d9e-8a82-f821fd3f0977", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.74, "x": 0.13, "y": 0.75 }, "kind": "paragraph", "text": "For certain of its clients, MAS leverages analyses provided by XIG in order to assess various investment managers including, as appropriate, their investment strategies, levels of service and past performance.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d56cf8da-066d-4220-8456-450bd1d407ff", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.74, "x": 0.13, "y": 0.18 }, "kind": "paragraph", "text": "In alignment with client agreements, and as more fully described below, the team provides these services in a number of ways, including by: selecting or recommending investment managers or products; providing advice in connection with the selection of investment managers generally; periodically rebalancing portfolios; monitoring compliance with investment guidelines and policies; dynamically adjusting risk based on market conditions and opportunities; and, for certain discretionary clients, adding or removing investment managers or products from a client's portfolio. MAS offers a broad range of investment options, including but not limited to, pooled investment vehicles (both public and private), separately managed accounts, public securities, derivative instruments, and exchange-traded funds. These products may be sponsored, managed, or advised by GSAM or Goldman Sachs (\"Affiliated Products\") or by Unaffiliated Advisers (\"External Products\"), and may employ a broad range of investment strategies, including but not limited to, passive, long-only (e.g., ETFs, mutual funds, bank collective trusts, private investment funds, and alternative strategies (e.g., hedge funds, private equity funds, credit funds and real estate funds).", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e259cbda-08a5-4412-9acb-b27aedc92f5a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.21, "w": 0.74, "x": 0.13, "y": 0.53 }, "kind": "paragraph", "text": "When evaluating potential investment products or asset allocation for an Advisory Account, the MAS team considers various factors based on the client's risk profile and whether the product is an Affiliated Product or an External Product. These factors may include quantitative considerations (e.g., return expectations, performance consistency requirements) and qualitative considerations (e.g., investment products' investment objective and process, which may be inherently subjective and may include a wide variety of factors). The team may also consider product-related factors (e.g., terms, track record, risk and return assumptions), the MAS team's experience with specific products or managers, client-driven factors (e.g., investment objectives, guidelines, diversification, asset allocation) and other factors (e.g., capacity constraints, investor concentration, minimum investment requirements, manager access, product specialization). For ETFs, factors such as benchmark composition, size, target tracking error, liquidity needs, and transaction costs are considered.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ea6e78c8-9694-4ec8-a6ef-3bcbfcf4c942", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.13, "y": 0.09 }, "kind": "title", "text": "Goldman Sachs Asset Management", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "88794ce8-220e-47f9-aa6c-ab1a03000064", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 100, "from": 51, "beatId": "507e0c14-e8eb-4eed-82dc-6d107669f55c", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "The firm provides evidence and proof of its investment strategies and risk management practices, such as data on assets under management and performance-based fees.", "position": 3, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [ { "to": 60, "from": 50, "name": "Golden Circle", "slug": "11-golden-circle", "bestFor": "Visionary leadership, brand positioning, mission statements", "matchId": "c0defb14-589e-45c4-bf0a-dd40b8c0c82c", "evidence": "The firm describes its advisory business and investment strategies in detail, providing insight into its approach.", "position": 1, "objective": "Why does Goldman Sachs Asset Management's advisory business operate in a particular way?", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "confidence": 0.6, "description": "Invert the typical pitch by starting with why you exist, rather than what you do" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }