Wednesday, 24 September 2014
Last updated 14 hours ago
Sep 15 2011 | 8:54pm ET
The head of Goldman Sachs' quantitative group and the manager of its one-time flagship hedge fund is leaving the firm amidst continued poor performance.
Katinka Domotorffy, who took over the quant unit two years ago after Mark Carhart and Raymond Iwanowski retired, is retiring herself, leaving the firm at the end of the year. She'll be replaced by Armen Avanessians, currently a partner in Goldman's securities division, according to an internal memo.
The shake-up at the top is being felt down the line at the quant. unit. Ron Hua, formerly of PanAgora Asset Management, has been named chief investment officer and head of quantitative equity alpha. He takes over from Bill Fallon, who will now focus on quantitative macro funds. Don Mulvihill remains CIO and head of customized beta strategies.
Domotorffy spent 13 years at Goldman as a portfolio manager and researcher. She took over from Carhart and Iwanowski in the spring of 2009, after more than two years of poor performance at Global Alpha, once dubbed the "Cadillac of hedge funds" but one of the earliest victims of the credit crunch. The fund has continued to lose ground under Domotorffy, and is down 12% this year.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.