Goldman Sachs Shutters BRIC Fund After Huge Loss

For those brave enough this could be another contrarian signal…. Goldman Sachs finally gave up and folded its long-in-decline BRIC fund by merging the dedicated in-house fund into an all-purpose emerging markets vehicle. The bank’s asset management unit pulled the plug on the nine-year-old product as it doesn’t anticipate “significant asset growth in the foreseeable future”. Goldman Sachs’ BRIC fund loses 26% in five years Former Goldman Sachs chief economic Jim O’Neill coined the acronym BRIC in 2001 to underscore the immense economic potential of the emerging markets of Brazil, Russia, India and China in the decades to come. O’Neill…