Friday, 1 August 2014
Last updated 1 hour ago
Jul 27 2007 | 1:55pm ET
Goldman Sachs, undeterred by the sub-par performance of its flagship hedge fund and non-existent flows into its asset management division, is launching its first fully-fledged long/short hedge fund.
Raanan Agus, the head of its famed equity proprietary trading desk, is moving to Goldman Sachs Asset Management to launch the new, as-yet-nameless fund, The New York Times reports. The offering will trade Goldman’s own money as well as raising capital from outside investors, possibly managing upwards of $10 billion in time, the Times says.
Joining Agus at the new fund will be Kenneth Eberts, currently head of U.S. investments for principal strategies, half of the U.S. team and the whole of the Tokyo-based principal strategies team. The rump of the New York-based U.S. team, as well as those based in London and Hong Kong, will remain with the prop desk.