Goldman sachs estratégia comercial comercial

Como Goldman Sachs ganha dinheiro com seus melhores comerciantes - depois que eles desistiram.
Depois de ser tops no prop trading, uma fonte diz que Goldman Sachs é "No. 1" entre os bancos na canalização do dinheiro do cliente para os principais comerciantes. Chip Somodevilla / Getty Images.
Goldman Sachs, um dos bancos mais rentáveis ​​da história de Wall Street, descobriu uma maneira de monetizar relacionamentos com seus comerciantes de estrelas, mesmo que deixaram a empresa na sequência da crise financeira.
Goldman (juntamente com outros grandes bancos) ainda tinha que encontrar uma oportunidade para rentabilizar os comerciantes ex-estrelas. Então, adicionou suas estrelas às suas próprias plataformas de hedge funds, que permitem que Goldman simultaneamente ganhe taxas de relacionamentos de clientes valiosos e ganhe dinheiro com gerentes de hedge funds que estavam deixando de lançar seus próprios fundos.
Mas vamos voltar por um segundo.
As mesas de negociação da Goldman Sachs, uma vez, alimentaram lucros maciços para o banco de investimentos - mas isso mudou quando os reguladores começaram a forçar os bancos a marcar o risco e instituíram a Regra Volcker proibindo a negociação proprietária.
Como resultado, um comerciante que costumava trabalhar na Goldman disse que, após a crise, houve um êxodo de talento, levando a alguns dos principais ganhadores do banco a deixarem seus próprios fundos de hedge.
"As pessoas correu para as saídas", depois de perceber que a crise financeira prejudicaria a rentabilidade comercial do banco, bem como seu salário, disse um ex-comerciante da Goldman.
Esse comerciante também lançou seu próprio fundo. Mas ele mantém um relacionamento com a Goldman Sachs. Muitos ex-comerciantes Goldman fazem, ele disse, uma vez que eles se separaram do banco.
E isso é exatamente como o banco provavelmente o quer.
Goldman não respondeu aos pedidos de comentários para esta história; O ex-comerciante da Goldman falou com o Business Insider sob a condição de ele, assim como seu fundo de hedge, não terem sido nomeados, porque ele não estava autorizado a discutir sua relação de marketing com o banco.
Falando na Conferência SALT em Las Vegas na semana passada, Howard Nifoussi, que atua como vice-presidente de investimentos alternativos na divisão de gerenciamento de investimentos do banco, disse aos participantes que nos últimos seis anos, sua equipe cresceu de zero a 19 pessoas que ligaram os principais clientes da Goldman com centenas de hedge funds.
Há uma taxa que acompanha as conexões da Goldman - mas o banco não divulga o que faz ligando clientes de alto patrimônio líquido aos hedge funds administrados por seus antigos comerciantes de estrelas.
Outra fonte, que compete com a Goldman para a clientela (e para o acesso aos mesmos fundos que o grande banco) disse que, em termos de alcance para centenas de hedge funds, bem como o talento dos comerciantes, "Goldman é o número um". .
Ainda assim, a fonte disse: "eles não vão fazer tanto quanto eles teriam", Goldman foi autorizado a operar hedge funds em seu próprio balanço patrimonial.
No ano passado, a receita de negócios da Goldman Sachs foi inferior a metade do que era em 2009. O que já era quase US $ 22 bilhões na negociação anual de renda fixa caiu para menos de US $ 9 bilhões.
Essa é uma queda acentuada para o que uma vez foi a maior linha de negócios do banco superior.
Goldman não está sozinho: na sequência da crise financeira, muitos outros bancos de Wall Street lançaram plataformas de hedge funds que atendiam um número ou propósitos para todos os envolvidos. Na SALT, Nifoussi se juntou ao painel de discussão da plataforma de fundos de hedge por banqueiros do Deutsche Bank e Morgan Stanley.
Para os investidores, as plataformas de fundos de hedge dos bancos permitem que eles compram em fundos de hedge com menos dinheiro do que seria necessário (US $ 1 milhão ou mais, normalmente). A captura, é que eles já devem ter pelo menos US $ 25 milhões investidos com o banco, pelo menos no caso de Goldman.
Para os bancos, eles aproveitaram a oportunidade para capturar as receitas em taxas de hedge funds iniciadas por suas estrelas em fuga - uma miséria, em comparação com o que os bancos poderiam ter executado com maiores mesas comerciais, já que tinham pré-crise, mas uma vitória de primeira linha , Não obstante.
"Eles precisam substituir essa receita dos negócios que o banco foi espancado pelos reguladores, disse o ex-comerciante Goldman.
Obtenha o último preço das ações da Goldman Sachs aqui.
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Goldman sachs estratégia comercial comercial
A Goldman Sachs é uma das principais empresas de bancos e bancos de investimentos globais com três principais linhas de negócios:
Negociação e Principais Investimentos; e.
Serviços de gestão de ativos e valores mobiliários.
Nosso objetivo é ser o conselheiro de escolha para nossos clientes e um participante líder nos mercados financeiros globais. Nós fornecemos serviços em todo o mundo a uma base de clientes substancial e diversificada, que inclui corporações, instituições financeiras, governos e pessoas de alto patrimônio líquido.
Porque acreditamos que as necessidades de nossos clientes são globais e que os mercados internacionais têm alto potencial de crescimento, nós construímos nossa força nos Estados Unidos para alcançar posições de liderança em outras partes do mundo. Hoje, temos uma forte presença global como evidenciado pela amplitude geográfica de nossas transações, liderança em nossos principais produtos e o tamanho de nossas operações internacionais. A partir de fevereiro de 1999, operamos escritórios em 23 países e 36% de nossos 13 mil funcionários ficaram fora dos Estados Unidos.
Estamos comprometidos com uma cultura distinta e um conjunto de valores fundamentais. Esses valores são refletidos em nossos Princípios de Negócios, que enfatizam colocar os interesses dos nossos clientes em primeiro lugar, integridade, compromisso com a excelência e inovação e trabalho em equipe.
O Goldman Sachs é gerido por seus principais proprietários. Simultaneamente com as ofertas, iremos conceder unidades de ações restritas, opções de ações ou interesses em um plano de contribuição definida para substancialmente todos os nossos funcionários. Seguindo as ofertas, nossos funcionários, incluindo ex-sócios, serão proprietários de aproximadamente 65% da Goldman Sachs. Nenhum de nossos funcionários está vendendo ações nas ofertas.
Goldman Sachs é o sucessor de uma empresa de papel comercial fundada em 1869 por Marcus Goldman. Desde então, crescemos nossos negócios como participante e intermediário em valores mobiliários e outras atividades financeiras para se tornar uma das principais empresas da indústria.
Em 1989, o Goldman Sachs Group, L. P. foi formado para servir como a empresa-mãe da organização Goldman Sachs. A partir de 30 de novembro de 1996, The Goldman Sachs Group, L. P. foi reestruturado. Nessa data, os antigos sócios gerais não aposentados do The Goldman Sachs Group, LP converteram seus interesses de sócias gerais em interesses de sócios limitados e se tornaram parceiros de participação de participação no The Goldman Sachs Group, LP. Ao mesmo tempo, The Goldman Sachs Corporation foi admitido como The Goldman Sachs Group, sócio geral da LP. As ações ordinárias da The Goldman Sachs Corporation são de propriedade de nossos diretores diretores que são parceiros limitados de participação nos lucros, todos ativos em nossos negócios.
O Goldman Sachs Group, Inc. foi formado para ter sucesso no negócio do The Goldman Sachs Group, L. P. Simultaneamente com as ofertas, vamos completar uma série de transações para converter de parceria para a forma corporativa. Consulte "Certas Relações e Transações Relacionadas" e Incorporação e Transações Relacionadas "para obter informações adicionais sobre essas transações.
Dados de compartilhamento de mercado.
Salvo indicação em contrário, todos os valores referentes ao volume, número e participação de mercado de fusões e aquisições e operações de subscrição e informações de classificação relacionadas foram derivados de informações compiladas e classificadas pela Securities Data Company. A Securities Data Company obtém e reúne suas informações de fontes que considera confiáveis, mas a Securities Data Company não garante a precisão ou integridade da informação. No caso de fusões e aquisições, os dados são baseados no valor em dólares das transações anunciadas para o período indicado, tomado como um todo, com crédito total para cada um dos conselheiros de cada parte em uma transação. No caso das subscrições, os dados são baseados no valor em dólares do produto total arrecadado (excluindo qualquer opção de compra de ações adicionais) com igual crédito para cada registrador do período indicado, tomado como um todo. Como resultado desse método de compilação de dados, as porcentagens podem ser mais de 100%.
Estratégia e principais linhas de negócios.
Nossa estratégia é crescer nossos três negócios principais e # 151; Banca de Investimento, Negociação e Investimentos Principais, e Gestão de Ativos e Serviços de Valores Mobiliários # 151; em mercados em todo o mundo. Nossa posição de liderança na banca de investimento nos fornece acesso a governos, instituições financeiras e clientes corporativos em todo o mundo. Negociação e investimento principal tem sido uma parte importante da nossa cultura e ganhos, e continuamos comprometidos com essas empresas independentemente da sua volatilidade. A gestão da riqueza é um dos segmentos de crescimento mais rápido do setor de serviços financeiros e estamos posicionando nossos negócios de gerenciamento de ativos e serviços de valores mobiliários para aproveitar esse crescimento. Nossos ativos sob supervisão, por exemplo, passaram de US $ 92,7 bilhões em novembro de 1994 para US $ 369,7 bilhões em fevereiro de 1999, representando uma taxa de crescimento anual composta de 38%.
Nossas linhas de negócios são compostas por várias ofertas de produtos e serviços que estão estabelecidas no quadro a seguir:
Principais produtos e atividades por linha de negócios.
& # 151; Fusões e aquisições.
& # 151; Serviços de assessoria imobiliária.
& # 151; Equidade e fixo.
& # 151; Equidade e fixo.
& # 151; Rede institucional e alta.
valorizando a gestão de ativos.
& # 151; Taxas bancárias do comerciante.
& # 151; Maior participação de comerciante.
renda e ganhos do fundo bancário.
A Banca de Investimento representou 39% da receita líquida de 1998 e 35% da receita líquida de 1997. Nós somos um líder de mercado em consultoria financeira e empresas de subscrição, atendendo mais de 3.000 clientes em todo o mundo. Para o período de 1º de janeiro de 1994 a 31 de dezembro de 1998, possuímos uma participação de mercado de 25,3% nos serviços de consultoria de fusões e aquisições em todo o mundo, tendo assessorado em mais de US $ 1,7 trilhão de transações. No mesmo período, também alcançamos as ações de mercado número um de 15,2% na oferta pública pública de subscrição em todo o mundo e 14,4% na subscrição de questões de estoque comum em todo o mundo.
Negociação e Principais Investimentos.
A negociação e os principais investimentos representaram 28% da receita líquida de 1998 e 39% da receita líquida de 1997. Criamos mercados em produtos de capital próprio e de renda fixa, moedas e commodities; entrar em swaps e outras operações de derivativos; se envolver em negociação e arbitragem proprietárias; e fazer investimentos principais. Na negociação, nos concentramos em estabelecer relacionamentos duradouros com nossos clientes mais ativos, mantendo posições de liderança em nossos principais mercados. Acreditamos que nossa pesquisa, mercado e atividades proprietárias aprimoram nossa compreensão dos mercados e a capacidade de atender nossos clientes.
Serviços de gestão de ativos e valores mobiliários.
Os Serviços de Gestão de Ativos e Títulos representaram 33% da receita líquida de 1998 e 26% da receita líquida de 1997. Nós fornecemos serviços globais de gerenciamento de investimentos e assessoria; ganhar comissões sobre transações de agência; gerir fundos de bancos comerciais; e fornecer serviços de corretagem, empréstimo de títulos e financiamentos de primeira linha. Nosso negócio de gerenciamento de ativos cresceu rapidamente, com os ativos sob supervisão aumentando de US $ 92,7 bilhões em 25 de novembro de 1994 para US $ 369,7 bilhões em 26 de fevereiro de 1999, representando uma taxa de crescimento anual composta de 38%. A partir de 26 de fevereiro de 1999, tínhamos US $ 206,4 bilhões de ativos sob gerenciamento. Nós gerenciamos os fundos de banca comercial que tinham US $ 15,5 bilhões em compromissos de capital até o final de 1998.
Prosseguimos nossa estratégia para expandir nossos três negócios principais, enfatizando:
Expandindo empresas de alto valor agregado.
Para alcançar um forte crescimento e altos retornos, buscamos construir posições de liderança em serviços de alto valor agregado para nossos clientes. Por exemplo, aumentamos substancialmente o número de profissionais em banca de investimento para melhorar e expandir nossa capacidade de executar fusões e aquisições, ofertas públicas iniciais e financiamentos de alto rendimento. Na negociação, estruturamos e executamos transações amplas e complexas para investidores institucionais, fundos de pensão e clientes corporativos em todo o mundo. Na gestão de ativos, enfatizamos a equidade e produtos de investimento alternativos e usamos nossa presença internacional estabelecida para construir uma franquia global de gerenciamento de ativos.
Aumentando a estabilidade de nossos ganhos.
Buscamos equilibrar a estabilidade de nossos ganhos com retorno sobre o patrimônio líquido e o crescimento dos lucros de longo prazo. Acreditamos que nossos negócios comerciais são ingredientes essenciais para o nosso sucesso. Enquanto tencionamos continuar a crescer nossos negócios comerciais, os choques do mercado financeiro no ano passado ressaltaram a importância de nossa estratégia de enfatizar o crescimento em nossas empresas de serviços bancários de investimento, serviços de gestão de ativos e valores mobiliários. Através de uma maior ênfase relativa nesses negócios, nosso objetivo é aumentar gradualmente a estabilidade de nossos ganhos.
Perseguindo oportunidades internacionais.
Acreditamos que nosso alcance global nos permitirá aproveitar o crescimento nos mercados internacionais. Na Europa, por exemplo, antecipamos que o recente estabelecimento da União Económica e Monetária Europeia, com o tempo, criará um grande mercado pan-europeu que rivaliza com os mercados de capitais dos EUA em tamanho e liquidez. Acreditamos que isso gerará maior atividade em nossos negócios na região. Na Ásia, acreditamos que um aumento nas reestruturações corporativas e na necessidade de liquidez aumentará nossas fusões e aquisições e oportunidades comerciais. A longo prazo, antecipamos oportunidades adicionais em atividades de gestão de ativos devido a uma mudança que prevemos para a privatização de sistemas de pensão e em dados demográficos.
Aproveitando a franquia.
Acreditamos que nossos vários negócios geralmente são mais fortes e mais bem sucedidos porque fazem parte da franquia Goldman Sachs. Nossa cultura de trabalho em equipe promove a cooperação entre nossos negócios, o que nos permite oferecer aos nossos clientes uma gama completa de produtos e serviços de forma coordenada. Nossos banqueiros de investimento, por exemplo, referem clientes que estão vendendo seus negócios para aqueles que gerenciam a riqueza da Goldman Sachs. Além disso, nossos investimentos em bancos comerciais em empresas levam a clientes futuros para bancos de investimento.
Relações fortes do cliente.
Nos concentramos na construção de relacionamentos de clientes de longo prazo. Em 1998, mais de 75% das nossas receitas de Banca de Investimento representavam negócios de clientes existentes. Nós também agredizamos as novas relações com os clientes, como evidenciado pelas mais de 400 transações bancárias de investimento que concluímos para os clientes pela primeira vez em 1998. Em nossos negócios comerciais, estruturamos e executamos transações em uma ampla gama de mercados e países para atender às necessidades de nossos clientes . Em nosso negócio de gerenciamento de ativos, gerenciamos ativos para três dos cinco maiores grupos de pensões nos Estados Unidos, classificados em 30 de setembro de 1998 por Pensões e Investimentos e mantém contas de 41% do 1998 "Forbes 400 Lista dos americanos mais ricos ".
Pessoas e cultura distintivas.
Nosso bem mais importante é o nosso povo. Buscamos reforçar o compromisso dos nossos funcionários com a nossa cultura e valores através do recrutamento, treinamento, um abrangente sistema de revisão de 360 ​​graus e uma filosofia de compensação que recompensa o trabalho em equipe. Nós ficamos no sexto lugar na revista Fortune "As 100 melhores empresas para trabalhar na América" ​​em janeiro de 1999 e ficamos no terceiro lugar na 1999 da revista Fortune "The Top 50 MBA Dream Companies", a empresa de banco de investimento e de valores de maior classificação em cada caso.
Ao longo da última década, assumimos um compromisso significativo na construção de um negócio mundial. Conseguimos posições de liderança nos principais mercados internacionais ao capitalizar o conhecimento de nossos produtos e pesquisas globais, bem como através da construção de uma presença local quando apropriado. Ao fazê-lo, nos tornamos uma das poucas empresas verdadeiramente globais de investimento bancário e de valores mobiliários com a capacidade de executar grandes e complexas transações transfronteiriças. Tivemos a quota de mercado número 23 de 23,2% nas fusões e aquisições transfronteiriças para o período de 1º de janeiro de 1994 a 31 de dezembro de 1998. Além disso, no Japão, fomos o maior gestor de fundos de investimento não japonês até o final de fevereiro de 1999, de acordo com The Investment Trusts Association.
Resumo de Dados Financeiros.
A Goldman Sachs oferece uma ampla gama de serviços bancários de investimento a um grupo diversificado de mais de 3.000 clientes em todo o mundo, incluindo corporações, instituições financeiras, governos e indivíduos. Nossas atividades de banco de investimento são divididas em duas categorias:
Assessoria financeira. O aviso financeiro inclui assessoria em fusões e aquisições, desinvestimentos, atividades de defesa corporativa, reestruturações e spin-offs; e.
Subscrição. A subscrição inclui ofertas públicas e colocações privadas de títulos de capital próprio e de dívida.
Banca de Investimento Receita Líquida.
Na Banca de Investimento, oferecemos aos nossos clientes conselhos e execução de qualidade como parte de nossos esforços para desenvolver e manter relacionamentos de longo prazo como seu principal banco de investimento.
Nós continuamos adaptando nossa estrutura organizacional para atender a mudanças na dinâmica do mercado e as necessidades de nossos clientes. Nossa estrutura atual, organizada ao longo de grupos regionais, de execução e da indústria, busca combinar banqueiros de investimento focados no cliente com a execução e expertise da indústria. Como nossos negócios são globais, adaptamos nossa organização para atender às demandas de nossos clientes em cada região geográfica. Através do nosso compromisso com o trabalho em equipe, acreditamos que oferecemos serviços de forma integrada para o benefício de nossos clientes.
Acreditamos que uma vantagem competitiva importante em nosso esforço de marketing é o Investment Banking Services, um grupo central de profissionais que se concentram no desenvolvimento e manutenção de relacionamentos fortes com os clientes. Esses banqueiros, que são organizados regionalmente e / ou por grupo da indústria, trabalham com executivos seniores de nossos clientes para identificar áreas onde a Goldman Sachs pode fornecer levantamento de capital, assessoria financeira ou outros produtos e serviços. A vasta base de experiência e conhecimento dos nossos profissionais de Serviços de Banca de Investimento permite analisar os objetivos de nossos clientes de forma eficiente e trazer os recursos apropriados da Goldman Sachs para satisfazer esses objetivos.
Nossos mercados de Finanças Corporativas, Dívida e Patrimônio Líquido, Mercadorias Alavancadas e Fusões e Aquisições trazem expertise e inovação de produtos para clientes em uma variedade de indústrias. Esses grupos são responsáveis ​​pela execução de transações específicas de clientes, bem como pela construção de relacionamentos de clientes fortes.
Em um esforço para atender às necessidades de nossos clientes em setores específicos, estabelecemos vários grupos focais da indústria. Estes incluem: produtos químicos; Comunicações, mídia e entretenimento; Energia e Poder; Instituições financeiras; Cuidados de saúde; Tecnologia; Hotéis e jogos; Imobiliária; Varejo; e Transporte. Com base em conhecimento especializado de tendências específicas da indústria, esses grupos oferecem a gama completa de produtos e serviços de banco de investimento para nossos clientes.
Refletindo o nosso compromisso com a inovação, a Banca de Investimento estabeleceu um grupo de Novos Produtos cujos profissionais se concentram na criação de novos produtos financeiros. Esses profissionais têm experiência especial na integração de finanças com as leis contábeis, tributárias e de valores mobiliários e trabalham em estreita colaboração com outras equipes bancárias de investimento para fornecer soluções inovadoras para problemas de clientes difíceis. Nossa experiência estruturante provou ser particularmente valiosa para atender às necessidades dos clientes em áreas como fusões e aquisições transfronteiriças complexas e financiamentos de capital próprio conversíveis e outros híbridos.
O aviso financeiro inclui uma ampla gama de trabalhos de assessoria em fusões e aquisições, desinvestimentos, atividades de defesa corporativa, reestruturações e spin-offs. A Goldman Sachs é um banco de investimento líder em fusões e aquisições mundiais. Durante o calendário de 1998, aconselhamos 340 transações de fusões e aquisições com um valor combinado de US $ 957 bilhões.
Nossas capacidades de fusões e aquisições são evidenciadas pela nossa participação significativa em operações grandes e complexas, onde oferecemos vários serviços, incluindo o financiamento de aquisição "one-stop", cobertura de moeda e expertise estruturante transfronteiriça. A Goldman Sachs assessorou em sete das dez maiores transações de fusões e aquisições até 31 de dezembro de 1998. Também fomos bem sucedidos na Europa, inclusive em transações intra-país, e somos um importante consultor de fusões e aquisições na França, Alemanha e Espanha.
A tabela a seguir ilustra nossa liderança no mercado de consultoria de fusões e aquisições para o período indicado como um todo:
Dados de Mercado de Fusões e Aquisições da Goldman Sachs.
Para o período de 1º de janeiro de 1994 até 31 de dezembro de 1998.
(1) A classificação em qualquer ano durante o período apresentado pode variar de acordo com o período considerado como um todo.
Fusões e aquisições é um exemplo de como uma atividade pode gerar oportunidades de venda cruzada para outras áreas da Goldman Sachs. Por exemplo, um cliente que estamos aconselhando em uma transação de compra pode buscar nossa assistência na obtenção de financiamento e na cobertura de taxa de juros ou riscos cambiais associados à aquisição. No caso de disposições, proprietários e executivos seniores da empresa adquirida, muitas vezes buscarão serviços de gerenciamento de ativos. Nestes casos, nossos gerentes de relacionamento com alto patrimônio líquido fornecem conselhos abrangentes sobre alternativas de investimento e executam a estratégia desejada do cliente.
De 1 de janeiro de 1994 a 31 de março de 1999, a Goldman Sachs atuou como gerente principal em transações que arrecadaram mais de US $ 1 trilhão de capital para clientes em todo o mundo. Nós asseguramos uma ampla gama de títulos e outros instrumentos, incluindo ações ordinárias e preferenciais, títulos convertíveis, dívida de grau de investimento, dívida de alto rendimento, dívida de mercados soberanos e emergentes, dívida municipal, empréstimos bancários, títulos garantidos por ativos e imóveis. títulos, como títulos garantidos por hipotecas e os valores mobiliários de fundos de investimento imobiliário.
Subscrição de capital próprio. A subscrição de capital foi uma força central de longo prazo da Goldman Sachs. A tabela a seguir ilustra nossa posição de liderança na subscrição de ações pelo período indicado como um todo:
Goldman Sachs 'Equity Underwriting Market Data.
Para o período de 1º de janeiro de 1994 até 31 de dezembro de 1998.
(1) A classificação em qualquer ano durante o período apresentado pode variar de acordo com o período considerado como um todo.
(2) O número de questões reflete o número de tranches; uma oferta por um único emissor poderia ter múltiplas tranches.
Tal como acontece com fusões e aquisições, fomos particularmente bem sucedidos nos mandatos de recebimento de subsídios de capital e complexos. Conforme demonstrado no gráfico acima, nossa participação de mercado das ofertas públicas iniciais com receitas totais superiores a US $ 500 milhões é substancialmente maior do que a nossa participação no mercado de todas as ofertas públicas iniciais. Acreditamos que nossa liderança em grandes ofertas públicas iniciais reflete nossa experiência em transações complexas, pontos fortes de pesquisa, recursos históricos e recursos de distribuição. Na arena internacional, também atuamos como gerente principal em muitas das maiores ofertas públicas iniciais. Nós fomos nomeados a Casa do Ano de Equidade pelo International Financing Review em 1998.
Acreditamos que um fator chave em nosso sucesso de subscrição patrimonial é a relação de trabalho estreita entre os banqueiros de investimento, analistas de pesquisa e força de vendas como coordenado pelo nosso grupo de Mercados de Capitais Próprios. A força de vendas de ações da Goldman Sachs é uma das organizações de vendas mais experientes e efetivas da indústria. Com 350 profissionais de vendas institucionais e 420 gerentes de relacionamento de alto patrimônio localizado em todos os principais mercados do mundo, a Goldman Sachs tem relações com um grande e diversificado grupo de investidores.
A Pesquisa de Investimentos Globais é fundamental para a nossa capacidade de sucesso no negócio de subscrição de ações. Acreditamos que a pesquisa de equidade de alta qualidade é uma vantagem competitiva significativa no mercado para novas questões de capital. A este respeito, a pesquisa da Goldman Sachs tem sido consistentemente classificada entre os líderes globais da indústria. Consulte "Pesquisa Global de Investimentos" para obter informações detalhadas sobre nosso Departamento de Pesquisa Global de Investimentos.
Subscrição da dívida. Participamos da subscrição e originação de vários tipos de instrumentos de dívida que classificamos como segue: dívida de grau de investimento para corporações, governos, municípios e agências; financiamento alavancado, que inclui dívida de alto rendimento e empréstimos bancários para emitentes não investment grade; dívida do mercado emergente, que inclui questões corporativas e soberanas; e títulos garantidos por ativos. Nós empregamos uma abordagem focada na subscrição de dívidas, enfatizando áreas de alto valor agregado no atendimento de nossos clientes.
Acreditamos que o mercado financeiro alavancado é uma oportunidade de crescimento chave para o nosso negócio de subscrição de dívidas. Nos últimos três anos, mais do que duplicamos o número de profissionais de subscrição de dívidas dedicados a essa área.
A tabela abaixo apresenta nossa classificação, posição de mercado, nosso lucro total arrecadado e o número de transações de dívida em que atuamos como subscritor nas seguintes áreas para o período indicado como um todo:
Goldman Sachs 'Debt Underwriting Market Data.
Para o período de 1º de janeiro de 1994 até 31 de dezembro de 1998.
(1) Todas as categorias incluem questões de registro público e Rule 144A.
(2) Inclui ações preferenciais não conversíveis em ações, títulos garantidos por hipotecas, títulos garantidos por ativos e dívida municipal tributável.
(3) "Dívida direta" exclui ações preferenciais não conversíveis em ações, títulos garantidos por hipotecas, títulos garantidos por ativos e dívida municipal.
(4) Exclui questões com classificações de grau de investimento e não investment grade, muitas vezes referidas como "questões divididas".
(5) A classificação em qualquer ano durante o período apresentado pode variar do ranking pelo período considerado como um todo.
(6) O número de questões reflete o número de tranches; uma oferta por um único emissor poderia ter múltiplas tranches.
Negociação e Principais Investimentos.
Nosso negócio de Negociação e Investimentos Principais facilita as transações de clientes e adota posições proprietárias através da comercialização e comercialização de produtos de renda fixa e patrimônio, moedas, commodities e swaps e outros derivativos. Para atender às necessidades de nossos clientes, nosso negócio de Negociação e Investimentos Principais é diversificado em uma ampla gama de produtos. Por exemplo, fazemos mercados em títulos de dívida tradicionais de grau de investimento, estruturamos derivados complexos e credenciamos hipotecas e riscos de seguros. Um princípio fundamental da nossa abordagem é que acreditamos que nossa disposição e capacidade de assumir riscos nos distingue e melhora substancialmente as relações com nossos clientes. Nosso negócio de Negociação e Investimentos Principais inclui o seguinte:
Renda Fixa, Moeda e Mercadorias. A Goldman Sachs faz mercados e comercializa produtos de renda fixa, moedas e commodities, estruturas e participa de uma ampla variedade de transações de derivativos e atua em atividades de negociação e arbitragem de propriedade;
Ações. A Goldman Sachs faz mercados e negocia ações e produtos, estruturas e participações em ações, e participa em transações com derivativos de capital próprio e participa em arbitragem patrimonial e patrimonial; e.
Principais Investimentos. Os investimentos principais representam principalmente a receita líquida da Goldman Sachs de seus investimentos em seus fundos de banca comercial.
Negociação e Principais Investimentos Receita Líquida.
Renda Fixa, Moeda e Mercadorias.
A FICC é uma operação grande e diversificada através da qual participamos de uma variedade de atividades de negociação e arbitragem de mercado e de negócios de clientes. Os principais produtos da FICC são:
Dívida do mercado emergente.
Títulos do governo global.
Valores corporativos de grau de investimento.
Instrumentos do mercado monetário.
Títulos e empréstimos hipotecários.
Em nossas atividades proprietárias, assumimos uma variedade de riscos e devemos recursos substanciais para identificar, analisar e beneficiar dessas exposições. Aproveitamos nossas sólidas capacidades de pesquisa e capitalizamos nossos modelos analíticos proprietários para analisar informações e fazer julgamentos de negociação informados. Buscamos beneficiar das disparidades percebidas no valor dos ativos nos mercados comerciais e das tendências macroeconômicas e específicas da empresa.
A FICC estabeleceu-se como um dos principais participantes do mercado, usando uma abordagem em três partes para oferecer um serviço de alta qualidade aos seus clientes. Primeiro, oferecemos ampla pesquisa de mercado, pesquisa e conhecimento de mercado para nossos clientes em uma base global. Em segundo lugar, criamos soluções inovadoras para problemas complexos de clientes, aproveitando nossa expertise estruturante e comercial. Em terceiro lugar, usamos nossos conhecimentos para assumir posições nos mercados quando acreditamos que o retorno é pelo menos compatível com o risco.
Uma atividade central na FICC é a criação de mercado em uma ampla gama de títulos e produtos. Por exemplo, somos um revendedor principal em muitos dos maiores mercados de títulos do governo em todo o mundo, incluindo os Estados Unidos, Japão, Reino Unido e Canadá; somos membros das maiores bolsas de futuros; e temos status de negociante interbancário nos mercados de moeda em Nova York, Londres, Tóquio e Hong Kong. Nossa vontade de fazer mercados em uma ampla gama de produtos de renda fixa, moeda e commodities e seus derivados é crucial tanto para nossos relacionamentos com clientes quanto para apoiar nosso negócio de subscrição, oferecendo liquidez do mercado secundário. Nossos clientes avaliam as contrapartes que atuam no mercado e estão dispostas a fornecer pontos de vista de liquidez e baseados em pesquisa. Além disso, acreditamos que nosso investimento significativo em recursos de pesquisa e modelos analíticos exclusivos é fundamental para a nossa capacidade de fornecer aconselhamento aos nossos clientes. Nossas capacidades de pesquisa incluem análises quantitativas e qualitativas das tendências globais do mercado econômico, monetário e financeiro, bem como análises de crédito de títulos de empresas de renda fixa e soberana.
Nossos clientes muitas vezes enfrentam problemas complexos que exigem abordagens criativas. Ajudamos nossos clientes que buscam proteger ou reatribuir seus riscos e lucrar com movimentos de preços esperados. Para fazer isso, trazemos a capacidade de nossos profissionais experientes entender as necessidades de nossos clientes e nossa capacidade de gerenciar os riscos associados a soluções complexas para problemas. Em reconhecimento à nossa capacidade de satisfazer essas necessidades dos clientes, fomos classificados pela Institutional Investor em fevereiro de 1999 como o negociante de derivativos do número dois pelo segundo ano consecutivo. In addition, we were named by Euroweek in January 1999 as the "Best provider of swaps and other derivatives".
Goldman Sachs engages in a variety of market-making, proprietary trading and arbitrage activities in equity securities and equity-related products (such as convertible securities and equity derivative instruments) on a global basis. Goldman Sachs makes markets and positions blocks of stock to facilitate customers' transactions and to provide liquidity in the marketplace. Goldman Sachs is a member of most of the major stock exchanges, including New York, London, Frankfurt, Tokyo and Hong Kong.
As agent, we execute brokerage transactions in equity securities for institutional and individual customers that generate commission revenues. Commissions earned on agency transactions are recorded in Asset Management and Securities Services.
In equity trading, as in FICC, we generate net revenues from our customer-driven business in three ways. First, in large, highly liquid principal markets, such as the over-the-counter market for equity securities, we undertake a high volume of transactions for modest spreads. In the Nasdaq National Market, we were the second largest market maker, by aggregate volume, among the top 100 most actively traded stocks in calendar 1998. Second, by capitalizing on our strong market relationships and capital position, we also undertake large transactions, such as block trades and positions in securities, in which we benefit from spreads that are generally larger. Finally, we also benefit from structuring complex transactions.
Goldman Sachs was a pioneer and is a leader in the execution of large block trades (trades of 50,000 or more shares) in the United States and abroad. In calendar 1998, we executed over 50 block trades of at least $100 million each. We have been able to capitalize on our expertise in block trading, our global distribution network and our willingness to commit capital to effect increasingly large and complex customer transactions. We expect corporate consolidation and restructuring and increased demand for certainty and speed of execution by sellers and issuers of securities to increase both the frequency and size of sales of large blocks of equity securities. We believe that we are well positioned to benefit from this trend. Block transactions, however, expose us to increased risks, including those arising from holding large and concentrated positions and decreasing spreads. See "Risk Factors — Market Fluctuations Could Adversely Affect Our Businesses in Many Ways — Holding Large and Concentrated Positions May Expose Us to Large Losses" for a discussion of the risks associated with holding a large position in a single issuer and "Risk Factors — The Financial Services Industry Is Intensely Competitive and Rapidly Consolidating" for a discussion of the competitive risks that we face.
We are active in the listed options and futures markets, and we structure, distribute and execute over-the-counter derivatives on market indices, industry groups and individual company stocks to facilitate customer transactions and our proprietary activities. We develop quantitative strategies and render advice with respect to portfolio hedging and restructuring and asset allocation transactions. We also create specially tailored instruments to enable sophisticated investors to undertake hedging strategies and establish or liquidate investment positions. We are one of the leading participants in the trading and development of equity derivative instruments. We are an active participant in the trading of futures and options on most of the major exchanges in the United States, Europe and Asia.
Equity arbitrage has long been an important part of our equity franchise. Our strategy is based on making investments on a global basis through a diversified portfolio across different markets and event categories. This business focuses on event-oriented special situations where we are not acting as an advisor and on relative value trades. These special situations include mergers and acquisitions, corporate restructurings, recapitalizations and legal and regulatory events. Equity arbitrage leverages our global infrastructure and network of research analysts to analyze carefully a broad range of trading and investment strategies across a wide variety of markets. Investment decisions are the product of rigorous fundamental, situational and, frequently, regulatory and legal analysis. Although market conditions led us to decrease the number and size of positions maintained by our equity arbitrage business during 1998, we believe that over time, as opportunities present themselves, our equity arbitrage business will likely increase its activity.
We believe that our trading and market-making capabilities are key ingredients to our success. While these businesses have generally earned attractive returns, we have in the past incurred significant trading losses in periods of market turbulence, such as in 1994 and 1998. Our trading risk management process seeks to balance our ability to profit from trading positions with our exposure to potential losses. Risk management includes input from all levels of Goldman Sachs, from the trading desks to the Firmwide Risk Committee. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Risk Management" for a further discussion of our risk management policies and procedures.
1998 Experience. From mid-August to mid-October 1998, the Russian economic crisis, the turmoil in Asian and Latin American emerging markets and the resulting move to higher quality fixed income securities by many investors led to substantial declines in global financial markets. Investors broadly sold credit-sensitive products, such as corporate and high-yield debt, and bought higher-rated instruments, such as U. S. Treasury securities, which caused credit spreads to widen dramatically. This market turmoil also caused a widespread decline in global equity markets.
As a major dealer in fixed income securities, we maintain substantial inventories of corporate and high-yield debt. We regularly seek to hedge the interest rate risk on these positions through, among other strategies, short positions in U. S. Treasury securities. In the second half of 1998, we suffered losses from both the decline in the prices of corporate and high-yield debt instruments that we owned and the increase in the prices of the U. S. Treasury securities in which we had short positions.
These market shocks also led to trading losses in our fixed income relative value trading positions. Relative value trading positions are intended to profit from a perceived temporary dislocation in the relationship between the values of different financial instruments. From mid-August to mid-October 1998, the components of these relative value positions moved in directions that we did not anticipate and the volatilities of certain positions increased to three times prior levels. When we and other market participants with similar positions simultaneously sought to reduce positions and exposures, this caused a substantial reduction in market liquidity and a continuing decline in prices.
In the second half of 1998, we also experienced losses in equity arbitrage and in the value of a number of merchant banking investments.
Risk Reduction. Over the course of this period, we actively reduced our positions and exposure to severe market disruptions of the type described above. Our current scenario models estimate our exposure to a substantial widening in credit spreads and adverse movements in relative value trades of the type experienced in mid-August to mid-October 1998. These models indicate that, as of November 1998, our exposure to a potential reduction in net trading revenues as a result of these events was over 40% lower than in August 1998. In addition, the daily VaR of substantially all of our trading positions declined from $47 million as of May 29, 1998 to $43 million as of November 1998. The November 1998 daily VaR reflects the reduction in positions discussed above, offset by the higher market volatility, changes in correlation and other market conditions experienced in the second half of 1998. If the daily VaR as of November 1998 had been determined using the volatility and correlation data as of May 29, 1998, the daily VaR would have been $31 million. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Risk Management" for a discussion of VaR and its limitations.
As part of the continuous effort to refine our risk management policies and procedures, we have recently made a number of adjustments to the way that we evaluate risk and set risk limits. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Market Risk" for a further discussion of our policies and procedures for evaluating market risk and setting related limits.
Notwithstanding these actions, we continue to hold trading positions that are substantial in both number and size, and are subject to significant market risk. In addition, management may choose to increase our risk levels in the future. See "Risk Factors — Market Fluctuations Could Adversely Affect Our Businesses in Many Ways" and "— Our Risk Management Policies and Procedures May Leave Us Exposed to Unidentified or Unanticipated Risk" for a discussion of the risks associated with our trading positions.
In connection with our merchant banking activities, we invest with our clients by making principal investments in funds that we raise and manage. As of November 1998, we had committed $2.8 billion, of which $1.7 billion had been funded, of the $15.5 billion total equity capital committed for our merchant banking funds. The funds' investments generate capital appreciation or depreciation and, upon disposition, realized gains or losses. See "— Asset Management and Securities Services — Merchant Banking" for a discussion of our merchant banking funds. As of November 1998, our aggregate carrying value of principal investments held directly or through our merchant banking funds was approximately $1.4 billion, which was comprised of corporate principal investments with an aggregate carrying value of approximately $609 million and real estate investments with an aggregate carrying value of approximately $753 million.
Asset Management and Securities Services.
Asset Management and Securities Services is comprised of the following:
Asset Management. Asset management generates management fees by providing investment advisory services to a diverse and rapidly growing client base of institutions and individuals;
Securities Services. Securities services includes prime brokerage, financing services and securities lending and our matched book businesses, all of which generate revenue primarily in the form of fees or interest rate spreads; e.
Comissões. Commission-based businesses include agency transactions for clients on major stock and futures exchanges. Revenues from the increased share of income and gains derived from our merchant banking funds are also included in commissions.
Asset Management and Securities Services Net Revenues.
Goldman Sachs is seeking to build a premier global asset management business. We offer a broad array of investment strategies and advice across all major asset classes: global equity; fixed income, including money markets; currency; and alternative investment products ( i. e. , investment vehicles with non-traditional investment objectives and/or strategies). Assets under supervision are comprised of assets under management and other client assets. Assets under management typically generate fees based on a percentage of their value and include our mutual funds, separate accounts managed for institutional and individual investors, our merchant banking funds and other alternative investment funds. Other client assets are comprised of assets in brokerage accounts of primarily high net worth individuals, on which we earn commissions.
Over the last five years, we have rapidly grown our assets under supervision, as set forth in the graph below:
Assets Under Supervision.
As of February 1999, equities and alternative investments represented 51% of our total assets under management. Since 1996, these two asset classes have been the primary drivers of our growth in assets under management.
The following table sets forth the amount of assets under management by asset class:
Assets Under Management by Asset Class.
(1) Includes private equity, real estate, quantitative asset allocation and other funds that we manage.
Since the beginning of 1996, we have increased the resources devoted to our asset management business, including adding over 850 employees. In addition, over the past three years, Goldman Sachs has made three asset management acquisitions in order to expand its geographic reach and broaden its global equity and alternative investment portfolio management capabilities.
Our global reach has been important in growing assets under management. From November 1996 to February 1999, our assets under management, excluding our merchant banking funds, sourced from outside the United States grew by over $35 billion. As of February 1999, we managed approximately $46 billion sourced from Europe.
In Japan, deregulation, high individual savings rates and low local rates of return have been important drivers of growth for our asset management business during the 1990s. Over the last three years, we have built a significant asset management business in Japan, and, as of February 1999, we managed $23 billion of assets sourced from Japan. In Japan, as of the end of February 1999, we were the largest non-Japanese investment trust manager, according to The Investment Trusts Association, and we managed four of the top 15 open-ended mutual funds ranked by mutual fund assets, according to IFIS Inc. We believe that substantial opportunities exist to grow our asset management business in Japan, by increasing our institutional client base and expanding the third-party distribution network through which we offer our mutual funds.
Clients. Our primary clients are institutions, high net worth individuals and retail investors. We access clients through both direct and third-party channels.
The table below sets forth the amount of assets under supervision by distribution channel and client category as of November 1998:
Assets Under Supervision by Distribution Channel.
Separate managed accounts.
— Institutional and retail.
(1) Excludes $12 billion in our merchant banking funds.
Our institutional clients include corporations, insurance companies, pension funds, foundations and endowments. We managed assets for three of the five largest pension pools in the United States as ranked as of September 30, 1998 by Pensions & Investments , and we have 18 clients for whom we manage at least $1 billion each.
In the individual high net worth area, we have established approximately 10,000 high net worth accounts worldwide, including accounts with 41% of the 1998 "Forbes 400 List of the Richest Americans". We believe this is a high growth opportunity because this market (defined as the market for individual investors with a net worth in excess of $5 million) is highly fragmented and growing rapidly and accounts for approximately $10 trillion of investable assets according to a study by McKinsey & Co. At the center of our effort is a team of over 420 relationship managers, located in 12 U. S. and six international offices. These professionals have an average of over seven years of experience at Goldman Sachs and have exhibited low turnover and superior productivity relative to the industry average.
In the third-party distribution channel, we distribute our mutual funds on a worldwide basis through banks, brokerage firms, insurance companies and other financial intermediaries. As of December 31, 1998, we were the third largest manager in the U. S. institutional money market sector according to information compiled by Strategic Insight. In Japan, we also utilize a third-party distribution network consisting principally of the largest Japanese brokerage firms.
Goldman Sachs has an established successful record in the corporate and real estate merchant banking business, having raised $15.5 billion of committed capital for 15 private investment funds, as of November 1998, of which $9.0 billion had been funded. We have committed $2.8 billion and funded $1.7 billion of these amounts; our clients, including pension plans, endowments, charitable institutions and high net worth individuals, have provided the remainder. Some of these investment funds pursue, on a global basis, long-term investments in equity and debt securities in privately negotiated transactions, leveraged buyouts and acquisitions. As of November 1998, these funds had total committed capital of $7.7 billion, which includes two funds with $1.0 billion of committed capital that are in the process of being wound down. Other funds, with total committed capital of $7.8 billion as of November 1998, invest in real estate operating companies and debt and equity interests in real estate assets.
Our strategy with respect to each merchant banking fund is to invest opportunistically to build a portfolio of investments that is diversified by industry, product type, geographic region and transaction structure and type. Our merchant banking funds leverage our long-standing relationships with companies, investors, entrepreneurs and financial intermediaries around the world to source potential investment opportunities. In addition, our merchant banking funds and their portfolio companies have generated business for other areas of Goldman Sachs, including equity underwriting, leveraged and other financing fees and merger advisory fees.
Located in eight offices around the world, our investment professionals identify, manage and sell investments on behalf of our merchant banking funds. Goldman Sachs has two subsidiaries that manage real estate assets, The Archon Group, L. P. and Archon Group (France) S. C.A. In addition, our merchant banking professionals work closely with other departments and benefit from the expertise of specialists in debt and equity research, investment banking, leveraged and mortgage finance and equity capital markets.
Merchant banking activities generate three revenue streams. First, we receive a management fee that is generally a percentage of a fund's committed capital, invested capital, total gross acquisition cost or asset value. These annual management fees, which are included in our asset management revenues, have historically been a recurring source of revenue. Second, we receive from each fund, after that fund has achieved a minimum return for fund investors, an increased share of the fund's income and gains that is a percentage, typically 20%, of the capital appreciation and gains from the fund's investments. Revenues from the increased share of the funds' income and gains are included in commissions. Third, Goldman Sachs, as a substantial investor in these funds, is allocated its proportionate share of the funds' unrealized appreciation or depreciation arising from changes in fair value as well as gains and losses upon realization. These items are included in Trading and Principal Investments.
Securities services consists predominantly of Global Securities Services, which provides prime brokerage, financing services and securities lending to a diversified U. S. and international customer base, including hedge funds, pension funds and high net worth individuals. Securities services also includes our matched book businesses.
We offer prime brokerage services to our clients, allowing them the flexibility to trade with most brokers while maintaining a single source for financing and portfolio reports. Our prime brokerage activities provide multi-product clearing and custody in 50 markets, consolidated multi-currency accounting and reporting and offshore fund administration and servicing for our most active clients. Additionally, we provide financing to our clients through margin loans collateralized by securities held in the client's account. In recent years, we have significantly increased our prime brokerage client base.
Securities lending activities principally involve the borrowing and lending of equity securities to cover customer and Goldman Sachs' short sales and to finance Goldman Sachs' long positions. In addition, we are an active participant in the securities lending broker-to-broker business and the third-party agency lending business. Trading desks in New York, Boston, London, Tokyo and Hong Kong provide 24-hour coverage in equity markets worldwide. We believe the rapidly developing international stock lending market presents a significant growth opportunity for us.
Lenders of securities include pension plan sponsors, mutual funds, insurance companies, investment advisors, endowments, bank trust departments and individuals. We have entered into exclusive relationships with certain lenders that have given us access to large pools of securities, some of which are often hard to locate in the general lender market, providing us with a competitive advantage. We believe that a significant cause of the growth in short sales, which require the borrowing of securities, has been the rapid increase in complex trading strategies, such as index arbitrage, convertible bond and warrant arbitrage, option strategies, and sector and market neutral strategies where shares are sold short to hedge exposure from derivative instruments.
Goldman Sachs generates commissions by executing agency transactions on major stock and futures exchanges worldwide. We effect agency transactions for clients located throughout the world. In recent years, aggregate commissions have increased as a result of growth in transaction volume on the major exchanges. As discussed above, commissions also include the increased share of income and gains from merchant banking funds as well as commissions earned from brokerage transactions for high net worth individuals. For a discussion regarding our increased share of the income and gains from our merchant banking funds, see "— Merchant Banking" above, and for a discussion regarding high net worth individuals, see "— Asset Management — Clients" above.
In anticipation of continued growth in electronic connectivity and online trading, Goldman Sachs has made strategic investments in alternative trading systems to gain experience and participate in the development of this market. See "Risk Factors — The Financial Services Industry Is Intensely Competitive and Rapidly Consolidating — Our Revenues May Decline Due to Competition from Alternative Trading Systems" for a discussion of the competitive risks posed by alternative trading systems generally.
Global Investment Research.
Our Global Investment Research Department provides fundamental research on economies, debt and equity markets, commodities markets, industries and companies on a worldwide basis. For over two decades, we have committed the resources on a global scale to develop an industry-leading position for our investment research products. We believe that investment research is a significant factor in our strong competitive position in debt and equity underwritings and in our generation of commission revenues.
Major investors worldwide recognize Goldman Sachs for its value-added research products, which are highly rated in client polls across the Americas, Europe and Asia. Our Research Department is the only one to rank in the top three in each of the last 15 calendar years in Institutional Investor's "All-America Research Team" survey. In December 1998, the Research Department also achieved top honors for global investment research from Institutional Investor . In Europe, based on the Institutional Investor "1999 All - Europe Research Team" survey, the Research Department ranked number one for coverage of pan-European sectors and number three in European Strategy and Economics.
Global Investment Research employs a team approach that provides equity research coverage of approximately 2,300 companies worldwide, 53 economies and 26 stock markets. This is accomplished through four groups:
the Economic Research group, which formulates macroeconomic forecasts for economic activity, foreign exchange, and interest rates based on the globally coordinated views of its regional economists;
the Portfolio Strategy group, which forecasts equity market returns and provides recommendations on both asset allocation and industry representation;
the Company/Industry group, which provides fundamental analysis, forecasts and investment recommendations for companies and industries worldwide. Equity research analysts are organized regionally by sector and globally into more than 20 industry teams, which allows for extensive collaboration and knowledge sharing on important investment themes; e.
the Commodities Research group, which provides research on the global commodity markets.
We believe that Internet technology and electronic commerce will, over time, change the ways that securities are traded and distributed, creating both opportunities and challenges for our businesses. In response, we have a program of internal development and external investment.
Internally, we are extending our global electronic trading and information distribution capabilities to our clients via the Internet. These capabilities cover many of our fixed income, equities and mutual fund products in markets around the world. We are also using the Internet to improve the ease and quality of communication with our institutional and high net worth clients. For example, investors have on-line access to our investment research, mutual fund data and valuation models and our high net worth clients are increasingly accessing their portfolio information over the Internet. We have also recently established GS-Online sm , which, in conjunction with Goldman, Sachs & Co., will act as an underwriter of securities offerings via the Internet and other electronic means. GS-Online sm will deal initially only with other underwriters and syndicate members and not with members of the public.
Externally, we have invested in electronic commerce concerns such as Bridge Information Systems, Inc., TradeWeb LLC, Archipelago, L. L.C., The BRASS Utility, L. L.C., OptiMark Technologies, Inc. and, most recently, Wit Capital Group, Inc. Through these investments, we gain an increased understanding of business developments and opportunities in this emerging sector. For a discussion of how Goldman Sachs could be adversely affected by these developments, see "Risk Factors — The Financial Services Industry Is Intensely Competitive and Rapidly Consolidating — Our Revenues May Decline Due to Competition from Alternative Trading Systems".
Technology is fundamental to our overall business strategy. Goldman Sachs is committed to the ongoing development, maintenance and use of technology throughout the organization, with expenditures, including employee costs, of approximately $970 million in 1998 and a budget of $1.2 billion in 1999. We have developed significant software and systems over the past several years. Our technology initiatives can be broadly categorized into three efforts:
enhancing client service through increased connectivity and the provision of high value-added, tailored services;
overall efficiency and control.
We have also developed software that enables us to monitor and analyze our market and credit risks. This risk management software not only analyzes market risk on firmwide, divisional and trading desk levels, but also breaks down our risk into its underlying exposures, permitting management to evaluate exposures on the basis of specific interest rate, currency rate, equity price or commodity price changes. To assist further in the management of our credit exposures, data from many sources are aggregated daily into credit management systems that give senior management and professionals in the Credit and Controllers Departments the ability to receive timely information with respect to credit exposures worldwide, including netting information, and the ability to analyze complex risk situations effectively. Our software accesses these data, allows for quick analysis at the level of individual trades and interacts with other Goldman Sachs systems.
Technology has been a significant factor in improving the overall efficiency of many areas of Goldman Sachs. By automating many trading procedures, we have substantially increased our efficiency and accuracy.
We currently have projects under way to ensure that our technology is Year 2000 compliant. See "Risk Factors — Our Computer Systems and Those of Third Parties May Not Achieve Year 2000 Readiness — Year 2000 Readiness Disclosure" and "Management's Discussion and Analysis of Financial Condition and Results of Operations — Risk Management — Operational and Year 2000 Risks — Year 2000 Readiness Disclosure" for a further discussion of the risks we face in achieving Year 2000 readiness and our progress to date.
Management believes that one of the strengths and principal reasons for the success of Goldman Sachs is the quality and dedication of its people and the shared sense of being part of a team. Goldman Sachs was ranked number seven in Fortune magazine's "The 100 Best Companies to Work for in America" in January 1999 and was ranked number three in Fortune magazine's 1999 "The Top 50 MBA Dream Companies", the highest ranking investment banking and securities firm in each case. We strive to maintain a work environment that fosters professionalism, excellence, diversity and cooperation among our employees worldwide.
Instilling the Goldman Sachs culture in all employees is a continuous process, of which training is an essential part. We recently opened a 34,000 square foot training center in New York City, near our world headquarters. All employees are offered the opportunity to participate in education and periodic seminars that we sponsor at various locations throughout the world. We also sponsor off-site meetings for the various business units that are designed to promote collaboration among co-workers.
Another important part of instilling the Goldman Sachs culture in all employees is our employee review process. Employees are reviewed by supervisors, co-workers and employees they supervise in a 360-degree review process that is integral to our team approach. In 1998, over 140,000 reviews were completed, evidencing the comprehensive nature of this process.
We also believe that good citizenship is an important part of being a member of the Goldman Sachs team. To that end, we established our Community TeamWorks initiative in 1997. As part of Community TeamWorks, all employees are offered the opportunity to spend a day working at a charitable organization of their choice while continuing to receive their full salary for that day. In 1998, approximately two-thirds of our employees participated in Community TeamWorks. The commitment of our partners to the community is also demonstrated by their having given over $90 million in each of the last two years to charities, including private foundations.
As of February 1999, we had approximately 13,000 employees. In addition, The Archon Group, L. P. and Archon Group (France) S. C.A., subsidiaries of Goldman Sachs that provide real estate services for our real estate investment funds, had a total of approximately 1,260 employees as of February 1999. Goldman Sachs is reimbursed for substantially all of the costs of these employees by these funds.
See "Management — The Employee Initial Public Offering Awards" for a discussion of the steps taken by Goldman Sachs to encourage the continued service of its employees after the offerings and see "Risk Factors — Our Conversion to Corporate Form May Adversely Affect Our Ability to Recruit, Retain and Motivate Key Employees" for a discussion of the factors that may have an adverse impact on the effectiveness of these efforts.
The financial services industry — and all of our businesses — are intensely competitive, and we expect them to remain so. Our competitors are other brokers and dealers, investment banking firms, insurance companies, investment advisors, mutual funds, hedge funds, commercial banks and merchant banks. We compete with some of our competitors globally and with some others on a regional, product or niche basis. We compete on the basis of a number of factors, including transaction execution, our products and services, innovation, reputation and price.
Competition is also intense for the attraction and retention of qualified employees. Our ability to continue to compete effectively in our businesses will depend upon our ability to attract new employees and retain and motivate our existing employees. See "— Employees" for a discussion of our efforts in this regard.
In recent years there has been substantial consolidation and convergence among companies in the financial services industry. In particular, a number of large commercial banks, insurance companies and other broad-based financial services firms have established or acquired broker-dealers or have merged with other financial institutions. Many of these firms have the ability to offer a wide range of products, from loans, deposit-taking and insurance to brokerage, asset management and investment banking services, which may enhance their competitive position. They also have the ability to support investment banking and securities products with commercial banking, insurance and other financial services revenues in an effort to gain market share, which could result in pricing pressure in our businesses.
This trend toward consolidation and convergence has significantly increased the capital base and geographic reach of our competitors. This trend has also hastened the globalization of the securities and other finan-cial services markets. As a result, we have had to commit capital to support our international operations and to execute large global transactions.
We believe that some of our most significant challenges and opportunities will arise outside the United States. See "Industry and Economic Outlook" for a discussion of these challenges and opportunities. In order to take advantage of these opportunities, we will have to compete successfully with financial institutions based in important non-U. S. markets, particularly in Europe. Some of these institutions are larger, better capitalized and have a stronger local presence and a longer operating history in these markets.
We have experienced intense price competition in some of our businesses in recent years. For example, equity and debt underwriting discounts have been under pressure for a number of years and the ability to execute trades electronically, through the Internet and other alternative trading systems may increase the pressure on trading commissions. It appears that this trend toward alternative trading systems will continue and perhaps accelerate. Similarly, underwriting spreads in Latin American and other privatizations have been subject to considerable pressure in the last year. We believe that we may experience pricing pressures in these and other areas in the future as some of our competitors seek to obtain market share by reducing prices.
See "Risk Factors — The Financial Services Industry Is Intensely Competitive and Rapidly Consolidating" for a discussion of the competitive risks we face in our businesses.
Goldman Sachs' business is, and the securities and commodity futures and options industries generally are, subject to extensive regulation in the United States and elsewhere. As a matter of public policy, regulatory bodies in the United States and the rest of the world are charged with safeguarding the integrity of the securities and other financial markets and with protecting the interests of customers participating in those markets, not with protecting the interests of Goldman Sachs' shareholders or creditors. In the United States, the SEC is the federal agency responsible for the administration of the federal securities laws. Goldman, Sachs & Co. is registered as a broker-dealer and as an investment adviser with the SEC and as a broker-dealer in all 50 states and the District of Columbia. Self-regulatory organizations, such as the NYSE, adopt rules and examine broker-dealers, such as Goldman, Sachs & Co. In addition, state securities and other regulators also have regulatory or oversight authority over Goldman, Sachs & Co. Similarly, our businesses are also subject to regulation by various non-U. S. governmental and regulatory bodies and self-regulatory authorities in virtually all countries where we have offices.
Broker-dealers are subject to regulations that cover all aspects of the securities business, including sales methods, trade practices among broker-dealers, use and safekeeping of customers' funds and securities, capital structure, record-keeping, the financing of customers' purchases and the conduct of directors, officers and employees. Additional legislation, changes in rules promulgated by self-regulatory organizations or changes in the interpretation or enforcement of existing laws and rules, either in the United States or elsewhere, may directly affect the mode of operation and profitability of Goldman Sachs.
The U. S. and non-U. S. government agencies and self-regulatory organizations, as well as state securities commissions in the United States, are empowered to conduct administrative proceedings that can result in censure, fine, the issuance of cease-and-desist orders or the suspension or expulsion of a broker-dealer or its directors, officers or employees. Occasionally, our subsidiaries have been subject to investigations and proceedings, and sanctions have been imposed for infractions of various regulations relating to our activities, none of which has had a material adverse effect on us or our businesses.
The commodity futures and options industry in the United States is subject to regulation under the Commodity Exchange Act, as amended. The Commodity Futures Trading Commission is the federal agency charged with the administration of the Commodity Exchange Act and the regulations thereunder. Goldman, Sachs & Co. is registered with the Commodity Futures Trading Commission as a futures commission merchant, commodity pool operator and commodity trading advisor.
As a registered broker-dealer and member of various self-regulatory organizations, Goldman, Sachs & Co. is subject to the SEC's uniform net capital rule, Rule 15c3-1. This rule specifies the minimum level of net capital a broker-dealer must maintain and also requires that at least a minimum part of its assets be kept in relatively liquid form. Goldman, Sachs & Co. is also subject to the net capital requirements of the Commodity Futures Trading Commission and various securities and commodity exchanges. See Note 8 to the audited consolidated financial statements and Note 5 to the unaudited condensed consolidated financial statements for a discussion of our net capital.
The SEC and various self-regulatory organizations impose rules that require notification when net capital falls below certain predefined criteria, dictate the ratio of subordinated debt to equity in the regulatory capital composition of a broker-dealer and constrain the ability of a broker-dealer to expand its business under certain circumstances. Additionally, the SEC's uniform net capital rule imposes certain requirements that may have the effect of prohibiting a broker-dealer from distributing or withdrawing capital and requiring prior notice to the SEC for certain withdrawals of capital.
In January 1999, the SEC adopted revisions to its uniform net capital rule and related regulations that permit the registration of over-the-counter derivatives dealers as broker-dealers. An over-the-counter derivatives dealer can, upon adoption of a risk management framework in accordance with the new rules, utilize a capital requirement based upon proprietary models for estimating market risk exposures. We have established Goldman Sachs Financial Markets, L. P. and are in the process of registering this company with the SEC as an over-the-counter derivatives dealer to conduct in a more capital efficient manner certain over-the-counter derivative businesses now conducted in other affiliates.
Goldman Sachs is an active participant in the international fixed income and equity markets. Many of our affiliates that participate in those markets are subject to comprehensive regulations that include some form of capital adequacy rule and other customer protection rules. For example, Goldman Sachs provides investment services in and from the United Kingdom under a regulatory regime that is undergoing comprehensive restructuring aimed at implementing the Financial Services Authority as the United Kingdom's unified regulator. The relevant Goldman Sachs entities in London are at present regulated by the Securities and Futures Authority Limited in respect of their investment banking, individual asset management, brokerage and principal trading activities, and the Investment Management Regulatory Organization in respect of their institutional asset management and fund management activities. Some of these Goldman Sachs entities are also regulated by the London Stock Exchange and other United Kingdom securities and commodities exchanges of which they are members. It is expected, however, that commencing in 2000 the responsibilities of the Securities and Futures Authority Limited and Investment Management Regulatory Organization will be taken over by the Financial Services Authority. The investment services that are subject to oversight by United Kingdom regulators are regulated in accordance with European Union directives requiring, among other things, compliance with certain capital adequacy standards, customer protection requirements and conduct of business rules. These standards, requirements and rules are similarly implemented, under the same directives, throughout the European Union and are broadly comparable in scope and purpose to the regulatory capital and customer protection requirements imposed under the SEC and Commodity Futures Trading Commission rules. European Union directives also permit local regulation in each jurisdiction, including those in which we operate, to be more restrictive than the requirements of such directives and these local requirements can result in certain competitive disadvantages to Goldman Sachs. In addition, the Japanese Ministry of Finance and the Financial Supervisory Agency in Japan as well as German, French and Swiss banking authorities, among others, regulate various of our subsidiaries and also have capital standards and other requirements comparable to the rules of the SEC.
Compliance with net capital requirements of these and other regulators could limit those operations of our subsidiaries that require the intensive use of capital, such as underwriting and trading activities and the financing of customer account balances, and also could restrict our ability to withdraw capital from our regulated subsidiaries, which in turn could limit our ability to repay debt or pay dividends on our common stock.
We are involved in a number of judicial, regulatory and arbitration proceedings (including those described below) concerning matters arising in connection with the conduct of our businesses. We believe, based on currently available information, that the results of such proceedings, in the aggregate, will not have a material adverse effect on our financial condition, but might be material to our operating results for any particular period, depending, in part, upon the operating results for such period.
MobileMedia Securities Litigation.
Goldman, Sachs & Co. has been named as a defendant in a purported class action lawsuit commenced on December 6, 1996 and pending in the U. S. District Court for the District of New Jersey. This lawsuit was brought on behalf of purchasers of common stock of MobileMedia Corporation in an underwritten offering in 1995 and purchasers of senior subordinated notes of MobileMedia Communications Inc. in a concurrent underwritten offering. Defendants are MobileMedia Corporation, certain of its officers and directors, and the lead underwriters, including Goldman, Sachs & Co. MobileMedia Corporation is currently reorganizing in bankruptcy.
Goldman, Sachs & Co. underwrote 2,242,500 shares of common stock, for a total price of approximately $53 million, and Goldman Sachs International underwrote 718,750 shares, for a total price of approximately $17 million. Goldman, Sachs & Co. underwrote approximately $38 million in principal amount of the senior subordinated notes.
The consolidated class action complaint alleges violations of the disclosure requirements of the federal securities laws and seeks compensatory and/or rescissory damages. In light of MobileMedia Corporation's bankruptcy, the action against it has been stayed. Defendants' motion to dismiss was denied in October 1998.
Antitrust Matters Relating to Underwritings.
Goldman, Sachs & Co. is one of numerous financial services companies that have been named as defendants in certain purported class actions brought in the U. S. District Court for the Southern District of New York by purchasers of securities in public offerings, who claim that the defendants engaged in conspiracies in violation of federal antitrust laws in connection with these offerings. The plaintiffs in each instance seek treble damages as well as injunctive relief. One of the actions, which was commenced on August 21, 1998, alleges that the defendants have conspired to discourage or restrict the resale of securities for a period after the offerings, including by imposing "penalty bids". Defendants moved to dismiss the complaint in November 1998. The plaintiffs amended their complaint in February 1999, modifying their claims in various ways, including limiting the proposed class to retail purchasers of public offerings. Several other actions were commenced, beginning on November 3, 1998, that allege that the defendants, many of whom are also named in the other action discussed above, have conspired to fix at 7% the discount that underwriting syndicates receive from issuers of shares in certain offerings.
Goldman, Sachs & Co. received a Civil Investigative Demand on April 29, 1999 from the U. S. Department of Justice requesting information with respect to its investigation of an alleged conspiracy among securities underwriters to fix underwriting fees.
Rockefeller Center Properties, Inc. Litigation.
Several former shareholders of Rockefeller Center Properties, Inc. brought purported class actions in the U. S. District Court for the District of Delaware and the Delaware Chancery Court arising from the acquisition of Rockefeller Center Properties, Inc. by an investor group in July 1996. The defendants in the actions include, among others, Goldman, Sachs & Co., Whitehall Real Estate Partnership V, a fund advised by Goldman, Sachs & Co., a Goldman, Sachs & Co. managing director and other members of the investor group. The federal court actions, which have since been consolidated, were filed beginning on November 15, 1996, and the state court action was filed on May 29, 1998.
The complaints generally allege that the proxy statement disseminated to former Rockefeller Center Properties, Inc. stockholders in connection with the transaction was deficient, in violation of the disclosure requirements of the federal securities laws. The plaintiffs are seeking, among other things, unspecified damages, rescission of the acquisition, and/or disgorgement.
In a series of decisions, the federal court has granted summary judgment dismissing all the claims in the federal action. The plaintiffs have appealed those rulings.
The state action has been stayed pending disposition of the federal action.
Reichhold Chemicals Litigation.
Reichhold Chemicals, Inc. and Reichhold Norway ASA brought a claim in March 30, 1998 in the Commercial Court in London against Goldman Sachs International in relation to the plaintiffs' 1997 purchase of the polymer division of one of Goldman Sachs International's Norwegian clients, Jotun A/S. The plaintiffs claim that they overpaid by $40 million based upon misrepresentations concerning the financial performance of the polymer division.
In November 1998, the Commercial Court granted Goldman Sachs International's application for a stay of the action pending the outcome of arbitration proceedings between Reichhold Chemicals, Inc. and Reichhold Norway ASA, on the one hand, and Jotun A/S in Norway, on the other. The stay order is currently being reviewed by an appellate court.
Matters Relating to Municipal Securities.
Goldman, Sachs & Co., together with a number of other firms active in the municipal securities area, has received requests beginning in June 1995 for information from the SEC and certain other federal and state agencies and authorities with respect to the pricing of escrow securities sold by Goldman, Sachs & Co. to certain municipal bond issuers in connection with the advanced refunding of municipal securities. Goldman, Sachs & Co. understands that certain municipal bond issuers to which Goldman, Sachs & Co. sold escrow securities have also received such inquiries.
There have been published reports that an action under the Federal False Claims Act was filed in February 1995 alleging unlawful and undisclosed overcharges in certain advance refunding transactions by a private plaintiff on behalf of the United States and that Goldman, Sachs & Co., together with a number of other firms, is a named defendant in that action. The complaint was reportedly filed under seal while the government determines whether it will pursue the claims directly.
Goldman, Sachs & Co. is also one of many municipal underwriting firms that have been named as defendants in a purported class action brought on November 24, 1998 in the U. S. District Court for the Middle District of Florida by the Clerk of Collier County, Florida on behalf of municipal issuers which purchased escrow securities since October 1986 in connection with advance refundings. The amended complaint alleges that the securities were excessively "marked up" in violation of the Investment Advisers Act and Florida law, and seeks to recover the difference between the actual and alleged "fair" prices. The defendants moved to dismiss the complaint on April 30, 1999.
AMF Securities Litigation.
The Goldman Sachs Group, L. P., Goldman, Sachs & Co. and a Goldman, Sachs & Co. managing director have been named as defendants in a purported class action lawsuit commenced on April 27, 1999 in the U. S. District Court for the Southern District of New York. This lawsuit was brought on behalf of purchasers of stock of AMF Bowling, Inc. in an underwritten initial public offering of 15,525,000 shares of common stock in November 1997 at a price of $19.50 per share. Defendants are AMF Bowling, Inc., certain officers and directors of AMF Bowling, Inc. (including the Goldman, Sachs & Co. managing director), and the lead underwriters of the offering (including Goldman, Sachs & Co.). The complaint alleges violations of the disclosure requirements of the federal securities laws and seeks compensatory damages and/or rescission. The complaint asserts that The Goldman Sachs Group, L. P. and the Goldman, Sachs & Co. managing director are liable as controlling persons under the federal securities laws because certain funds managed by Goldman Sachs owned a majority of the outstanding common stock of AMF Bowling, Inc. and the managing director served as its chairman at the time of the offering.
Our principal executive offices are located at 85 Broad Street, New York, New York, and comprise approximately 969,000 square feet of leased space, pursuant to a lease agreement expiring in June 2008 (with an option to renew for up to 20 additional years). We also occupy over 500,000 square feet at each of 1 New York Plaza and 10 Hanover Square in New York, New York, pursuant to lease agreements expiring in September 2004 (with an option to renew for ten years) and June 2018, respectively. We also have a 15-year lease for approximately 590,000 square feet at 180 Maiden Lane in New York, New York, that expires in March 2017. In total, we lease over 3.1 million square feet in the New York area, having more than doubled our space since November 1996. We have additional offices in the United States and elsewhere in the Americas. Together, these offices comprise approximately 650,000 square feet of leased space.
Consistent with Goldman Sachs' global approach to its business, we also have offices in Europe, Asia, Africa and Australia. In Europe, we have offices that total approximately 790,000 square feet. Our largest presence in Europe is in London, where we lease approximately 639,000 square feet through various leases, with the principal one, for Peterborough Court, expiring in 2018. An additional 396,000 square feet of leased space in London is expected to be occupied during 2001.
In Asia, we have offices that total approximately 360,000 square feet. Our largest offices in these regions are in Tokyo and Hong Kong. In Tokyo, we currently lease approximately 175,000 square feet under leases that expire between November 1999 and June 2005. In Hong Kong, we currently lease approximately 103,000 square feet under a lease that expires in May 2000. We recently entered into a new 12-year lease in Hong Kong for approximately 190,000 square feet. There are also significant expansion efforts underway in Tokyo and Singapore.
Our space requirements have increased significantly over the last several years. Currently, Goldman Sachs is at or near capacity at most of its locations. As a result, we have been actively leasing additional space to support our anticipated growth. Based on our progress to date, we believe that we will be able to acquire additional space to meet our anticipated needs.

Goldman Sachs to Share its Trading Secrets Via Web-Based Platforms.
Zacks Research Staff August 12, 2018.
One of the largest, most powerful banks Goldman Sachs ( GS - Free Report) , who has for a long time been extremely secretive, will begin to be a little more open in the near future. The bank will apparently begin giving its paying clients access to its internal tools and tricks for trading that Goldman has previously kept to itself.
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Goldman Sachs May Spin Off Proprietary Trading This Month.
Goldman Sachs could spin off at least part of its proprietary trading operations as early as this month to comply with new rules that limit Wall Street firms from betting their own money in financial markets, according to people familiar with the matter.
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Though details are still sketchy, a couple of options are on the table, these people said. One is to seed a hedge fund staffed by former Goldman Sachs proprietary traders with Goldman money and replace it in the coming years with third party money as the new rule goes into effect.
Another possibility is to move proprietary trading into the firm's asset management unit, where Goldman invests clients' money rather than its own.
The ban on proprietary trading, which will be phased in over several years, is part of the financial reform bill that was signed into law last month. The move is an attempt to curb the rampant speculation on Wall Street that many say caused the recent financial crisis.
As soon as the bill was passed, many analysts said Wall Street would quickly find loopholes in the new law or at least figure out ways to profit from it.
Dick Bove, a widely followed bank analyst at Rochdale Securities, told CNBC Wednesday that Goldman could actually make more money under the new financial rules.
"This financial regulation bill is giving Goldman Sachs tremendous advantages, which will enhance their earnings growth," Bove said in an on-air telephone interview.
In addition to banning proprietary trading, big banks will also have to limit how much of their own money is invested in private equity and hedge funds. The so-called Volcker rule, named after former Federal Reserve Chairman Paul Volcker, would curb such investments to 3 percent of the firm's primary—or tier 1—capital.
Right now Goldman Sachs has more that 27 percent of its capital invested in such entities, followed by Morgan Stanley at 8.9 percent; Bank of America and Citi each have 4 percent.
Programming note: "The Strategy Session," hosted by David Faber and Gary Kaminsky, airs weekdays at Noon ET on CNBC.