Monday, November 9, 2015

Goldman Sachs Craps a BRIC

And it stinks of war....

"The BRIC era is ending at Goldman Sachs Group. The bank’s asset-management unit folded its money-losing BRIC fund, which invests in Brazil, Russia, India, and China, and merged it last month with a broader emerging-market fund. Goldman Sachs pulled the plug on the nine-year-old product because it doesn’t expect “significant asset growth in the foreseeable future,” according to documents filed with the Securities and Exchange Commission. Fourteen years after former Goldman Sachs economist Jim O’Neill coined the acronym that ushered in an unprecedented investment boom, the biggest emerging markets are sputtering. Russia and Brazil have fallen into recessions. China, long an engine of the world’s growth, is poised for its weakest expansion since 1990. The downfall of the BRIC fund, which had lost 88 percent of its assets since a 2010 peak, also underscores how the strategy of bundling disparate countries into a single investment theme is losing its appeal. “The promise of BRIC’s rapid and sustainable growth has been challenged very much for the last five years or so,” said Jorge Mariscal, chief investment officer of emerging markets at UBS Wealth Management. “The BRIC concept was popular. But nothing is eternal.” 

Including, thankfully, that looting Ponzi scheme they help run.

"Prominent storefronts to open up as Citi flees" by Deirdre Fernandes Globe Staff  November 08, 2015

Vacant storefronts aren’t usually a cause for optimism.

But Citigroup Inc.’s plan to close its Massachusetts bank branches in January — which opens up space in coveted locations from the Fenway to Porter Square — has some Boston-area landlords, neighborhood groups, and nearby businesses imagining a more exciting future. Perhaps a trendy hair salon, boutique jewelry stores, fitness centers, a diner or two?

In other words, anything but another bank.... 

I don't understand the attitude. 

You don't like lying thieves and robbers on your block?