Global Alpha Head Out At Goldman Sachs

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.

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