Robert Jones, the head of quantitative investing at Goldman Sachs who oversaw the rise and fall of the firm’s Global Alpha hedge fund, is retiring from the firm.
Jones helped launch the firm’s quant. division 21 years ago and has been a top executive there ever since. He was once expected to be succeeded by Mark Carhart, the former Global Alpha co-manager who served as Jones’ co-chief investment officer at the quantitative equity group.
But Carhart and Raymond Iwanowski, the co-manager of Global Alpha, left the firm last year, after the one-time “Cadillac of hedge funds” lost 40% in 2007 and continued to hemorrhage assets in the ensuing years.
Jones has recently stepped back from day-to-day money management. He will not be replaced.
Jones’s future plans remain unclear. According to The Wall Street Journal, he has discussed a consulting role that would not involve direct money management. Both Carhart and Iwanowski have since launched hedge fund firms of their own.