End of an era as Goldman's BRIC fund folds after years of losses

Washington

THE BRIC era is coming to an end at Goldman Sachs Group.

The bank's asset-management unit folded its money-losing BRIC fund, which invests in Brazil, Russia, India and China, and merged it last month with a broader emerging-market fund. Goldman Sachs pulled the plug on the nine-year-old product because it doesn't expect "significant asset growth in the foreseeable future", according to a filing to the US Securities and Exchange Commission.