Goldman Sachs tells its asset managers to tighten belts

``Goldman Sachs has told staff at its asset management division GSAM to tighten their belts, amid outflows and poor performance from some of its largest funds... The malaise reflects wider pressures on the industry, where actively managed funds are losing market share to low-cost index trackers. It also complicates Goldman's efforts to build a larger asset management business to balance its traditional investment banking and trading arms, where profitability is being squeezed.''