Goldman Sachs closes historic BRIC fund

Acronym coined by Jim O'Neill in 2001

Goldman Sachs Group has merged its BRIC fund with another emerging markets vehicle, after assets fell to under $100m.

According to Bloomberg, the fund lost 21% over the past five years and has suffered an 88% drop in assets over the period to $98m. This is down from $842m at its peak in 2010. As a result, the group's asset management arm has merged the fund with the Goldman Sachs Emerging Markets Equity fund. Emerging or submerging markets: Does it matter? The firm said the BRIC fund was unlikely to experience significant asset growth in the foreseeable future and a merged fund would offer investors a more diverse universe in which to invest. A spokesman for Goldman Sachs said: "Over the last d...