As BRIC Fund Assets Collapse, Jim O’Neill Is Keeping Away
- Their total assets have collapsed by 90%, Bloomberg data show
- Jim O’Neill, who coined term, says he’ll never invest in BRICs
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When Jim O’Neill devised the BRIC acronym at the turn of the century, the former Goldman Sachs Group Inc. chief economist did not intend the catchy phrase to be exploited for marketing investment funds.
Money managers scrambled to start funds anyway. The likes of Schroders Plc and Franklin Templeton -- along with Goldman Sachs Asset Management -- gobbled up billions of dollars from clients looking to profit by combining investments in Brazil, Russia, India and China. That marketing ploy has come crashing down and now faces an existential crisis.