Goldman Sachs 2004 Annual Report Download - page 16
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Please find page 16 of the 2004 Goldman Sachs annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.assetmanagement—
Serving Japanese
retail investors.
I D E A S
Inlate2003,GoldmanSachsAssetManagementintroduced
aninnovativemutualfund—theGoldmanSachsUSREIT
Fund—toJapan’sretailmarket.AchangeinrulesbyThe
InvestmentTrustsAssociationofJapannowenablesmanage-
mentcompaniestolaunchfundsthatinvestinRealEstate
InvestmentTrust(REIT)productsastheprimaryinvestment
objective.TheGoldmanSachsUSREITFundgivesJapanese
retailinvestorstheopportunitytoinvestinanentirelynew
assetclass.Wesoughttocreateafundwithinthisassetclass
thatwouldallowinvestorstodiversifytheiroverallriskwhile
potentiallygeneratingsignificantreturns.
C A P I TA L
Inthecurrenteconomicenvironment,Japaneseinvestorsare
seekingwaystoincreasetheirdividendincomewhilediversifying
theirportfolios.REITsaredesignedtooffergrowing,relatively
safedividendincomeoverthelongerterm.Thiscustomized
productoffersinvestorsahigherlevelofdividendincomethan
ourtraditionalREITstrategy,whilestillofferingthepotentialfor
capitalgrowth.Initsfirstyear,thefundraisedover$1billion
andprovedtobeoneofthemostsuccessfulmutualfund
launcheseverseeninJapan.
PEOPLE
GoldmanSachsAssetManagement’sexcellenceinportfolio
managementcombinedwithlocalmarketknowledgehelped
bringanexceptionalproducttoanewmarket.Teamsacross
GoldmanSachsAssetManagement,includingTokyoProduct&
Marketing,ThirdPartySales,LegalandtheU.S.REITportfolio
managementteamworkedtogethertoofferthisproductto
Japaneseinvestors.Ourrelationshipswithovertendistribution
partnerswereessentialtothesuccessfullaunch.Through
teamworkandcoordination,weworkedwithourpartners
toeducateretailinvestorsaboutthisnewassetclass.For
instance,ourteamsinAssetManagementworkedwith
someofJapan’slargestbankdistributorsofmutualfunds,
tointroducetheproductacrosstheirbranchnetworks.
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14G O L D M A N S A C H S 2 004 A N N U A L R E P O RT