Media: Goldman Sachs reorganizes the BRICS Fund

NEW YORK, November 9. /Corr. Kirill Volkov/. Investment Bank Goldman Sachs has decided to reorganize the Foundation of BRICS, which invested in the economies of Russia, Brazil, India, China and South Africa, joining it to the support Fund developing markets. This was reported on Sunday Bloomberg.

According to him, this decision of the Bank came after learning of financial loss, which the Foundation established in 2006, has carried in recent years. So, in 2010 he lost about 90% of its assets, according to Bloomberg.

According to the Agency, in Goldman Sachs believe that the pooling of funds can help re-attract investors, so as we are now talking about a much higher number of options for investing their capital.

The term BRIC was coined in 2001 by the former chief economist of Goldman Sachs Jim O’neill for the first letters of countries, which, in his opinion, at that time, was the most promising for investment. Later in this “club” included the Republic of South Africa. However, earlier this year, O’neill said that continue to use the term is irrelevant. His position, he explained, in particular, the poor economic performance of Russia, Brazil and China.