BUSINESS
07/18/2010 05:12 am ET Updated May 25, 2011

Goldman Sachs Wants To Manage Your Retirement Account

The New York-based company is promoting alternative asset funds and designing target-date funds that provide guaranteed income to grab a bigger piece of the $2.7 trillion 401(k) market, said Bill McDermott, a managing director at Goldman Sachs Asset Management and head of its defined-contribution business.

"We understand risk and we understand asset allocation," said McDermott, who joined the firm in February to strengthen its retirement-plan products and marketing. "We're looking to leverage that for the 401(k) market."

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