Goldman Sachs remains ``bullish'' on the U.S. asset management industry in its annual report on the state of the investment business released today, but predicts dire straits for all bu t the top tier of defined contribution plan vendors. Of the 50 or 60 major players vying now for DC plan assets, all but the top 10 or 15 bundled vendors will likely drop out within two to five years, said Milton Berlinski, managin g director of the financial institutions group at a press conference. He said the shakeout will occur mainly because of the cost of providing plan services and the huge scale needed to cover costs. He said 20% of the vendors eventu ally will control 80% of the 401(k) assets. Goldman officials noted managers are now making money ``hand-over-fist,'' but will have to become more retail in nature and should focus on distribution, branding and scale.