Thursday, 29 September 2016
Last updated 37 min ago
Aug 7 2007 | 12:26pm ET
Goldman Sachs denies that it is liquidating its troubled flagship hedge fund, Global Alpha.
The Wall Street giant is seeking to squelch today's market rumors that it would be shuttering the once high-flying $10 billion fund, which has hit on hard times. The fund lost almost 8% in the week ended July 27, and is down more than 12% year-to-date. It’s in the throes of a 16-month-long losing streak after suffering its first down year in 2006.
Earlier today, Bloomberg reported that shares of defense and aerospace company EADS, Germany’s Continental Corp. and Italian car maker Fiat—all constituents of Global Alpha—were down on rumors that the hedge fund was on its last legs.
A call to Goldman Sachs was not returned by press time.