Goldman Sachs has pulled the plug on the nine-year-old money-losing BRIC fund

  • The BRIC fund had lost 88% of its assets since a 2010 peak

"The promise of BRIC's rapid and sustainable growth has been challenged very much for the last five years or so," said Jorge Mariscal, the chief investment officer of emerging markets at UBS Wealth Management. "The BRIC concept was popular. But nothing is eternal."

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Goldman Sachs economist Jim O'Neill coined the acronym BRICs for emerging markets Brazil, Russia, India and China