Goldman Sachs to launch new Hedge Fund
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Goldman Sachs (GS) is planning to raise new money for its hedge fund operations which suffered a blow in August, resulting from significant losses encountered by three of the firm’s hedge fund products, which lost about 30% from their portfolios following sector problems. According to news reports, Goldman Sachs will be aiming to raise between $4-6billion in new money to be dedicated to its hedge funds management obligations.
Goldman Sachs to launch new Hedge Fund
Goldman Sachs (GS) is planning to raise new money for its hedge fund operations which suffered a blow in August, resulting from significant losses encountered by three of the firm’s hedge fund products, which lost about 30% from their portfolios following sector problems. According to news reports, Goldman Sachs will be aiming to raise between $4-6billion in new money to be dedicated to its hedge funds management obligations.
GS will lunch new hedge funds, to be run by Raanam Agus, and Kenneth Eberts, both experienced managers in Proprietary trading. The new fund called Opportunistic Multi-Disciplinary Investment Fund, is anticipated to be officially launched in January 2008. New emphasis will be focused on stock picking as opposed to using computerized methods for the selection of shares for investment purposes. With estimated seed capital of $6 billion, it will undoubtedly be one of the largest seed capitals for any hedge fund at launch.
Following the August losses. Goldman's new strategy is to develop its hedge fund management portfolios, utilizing fundamental analysis in stock research and selection. It is anticipated that offshore versions of the new hedge fund may also be created. Goldman has decline to make comments on the news reports.
Goldman Sach's long list of veteran hedge fund managers , who once worked at the firm includes; Richard Perry of Perry Capital, Thomas Steyer of Farallon Capital, Edward S. Lambert of ESL Investments, Daniel Och of Ziff Capital Management, Eric Mindich of Eton Park Capital Management
Ginakar Singh of TPG-Axon and many more. Goldman Sachs manages many other hedge funds, including the firm’s flagship product, the Global Apha Fund, overseeing about $10 billion in total investor assets. In 2005, the Global Alpha Fund posted gains of about 40%
Hedgefundexchange.net Staff Writer
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Last Updated (Monday, 28 December 2009 11:55)
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