Thursday, Aug 09, 2007
Goldman Sacked?
Wall Street Journal: Second Goldman Hedge Fund Moves to Sell Some Positions
A second Goldman Sachs Group Inc. hedge fund has hit a rocky patch and has sold down some of its positions, according to a person familiar with the matter.
Goldman's North American Equity Opportunities hedge fund had $767 million under management earlier this year. The Fund was down over 15% this year, through July 27, according to investors and was down more than 11% in July alone. It is not known how much the fund has sold in recent days.
Word of the turmoil at this fund comes as Goldman's most widely known internal fund, Global Alpha, has been forced to ...
Posted by lvmreader @ 08:11 PM (140 views) Add Comment
1 Comment
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1. lvmreader said...
Reuters: Second Goldman Sachs fund sells positions: report
Thu Aug 9, 2007 1:24pm ET
NEW YORK (Reuters) - A second hedge fund managed by Goldman Sachs Group Inc. (GS.N: Quote, Profile , Research) is suffering from losses and is selling down some of its positions, The Wall Street Journal reported on Thursday.
Through July 27, the North American Equity Opportunities hedge fund was down more than 15 percent this year, including losses of more than 11 percent in July, the newspaper reported, citing investors. The fund had $767 million under management earlier this year, the Journal said.
A source told Reuters earlier on Thursday that another fund, the Global Alpha fund, was down about 16 percent for the year.
Traders in Europe said earlier this week that Global Alpha had been selling positions. On Tuesday Goldman denied rumors that it was liquidating the fund, and on Thursday it said it was "business as usual" at Global Alpha. The fund had $9 billion under management as of a few days ago.
(Reporting by Dan Wilchins)