Goldman Sachs is bullish on retirement funds and has taken steps to capture a larger portion of the 401(k) market, Bloomberg reports. This may seem a little bold to some, as the company’s going through a bit of an image crisis with everyone except people who work there. But Goldman sees the market growing too quickly — it cant just wait around until people feel comfortable giving them money again.
Goldman’s 401(k) plan assets totaled $17.5 billion as of March 31, according to the company. Fidelity Investments, the largest 401(k) asset manager, had $347.8 billion as of December 31. Assets in 401(k) plans are estimated to increase 41 percent, to $3.8 trillion, by the end of 2014, according to data from Cerulli Associates in Boston.
[One consultant said,] “they see the writing on the wall,” as traditional pensions are replaced by 401(k) plans
So they actually believe the assets are going to appreciate in the long term? Well, that’s new, at least.