Goldman Sachs Asset Management has become the latest, and by far the largest, manager to announce a levy on investors coming and going from its funds, in a bid to protect its incumbent shareholders from the trading costs incurred when paying out, or taking in, clients.

The new fee, announced in a stock exchange filing from the US fund manager and bank yesterday, will be applied to those investing in, and divesting from funds within the company's institutional portfolios, which largely pursue traditional, long-only investment strategies.