Sachs' Global Alpha takes August plunge

Goldman Sachs flagship hedge fund lost more than 20% of its value in August, its largest monthly fall.
SEP 13, 2007
Goldman Sachs Group Inc.’s flagship Global Alpha hedge fund lost more than 20% of its value in August, its largest monthly fall, Bloomberg reported. The firm told investors that losses on currency and stock trades chopped off 22.5% of the fund’s value, Bloomberg reported. Global Alpha has dropped 44% since March 2006. Last month, investors told Goldman they would pull $1.6 billion from the fund, the report stated. A carry-trade plan by managers Mark Carhart and Raymond Iwanowski led to the loss, after the two decided to sell Japanese yen and buy Australian dollars, Bloomberg said. But their efforts backfired after the Australian dollar fell 6% against the yen in August.

Latest News

People moves: RBC taps Raymond James veteran for Texas complex
People moves: RBC taps Raymond James veteran for Texas complex

Meanwhile, DPL Financial Partners adds two annuity executives and Prime Capital Financial hires a Mid-Atlantic retirement plan consultant

Ex-LPL, special needs advisor pleads guilty in fraud case
Ex-LPL, special needs advisor pleads guilty in fraud case

Andrew Komarow pleaded guilty Thursday in federal court in Hartford to defrauding three financial services companies of close to $3.3 million.

Advisor moves: Raymond James lands $700M Truist team in Naples
Advisor moves: Raymond James lands $700M Truist team in Naples

Elsewhere, Cetera picks up a $210 million Connecticut team from MML, while Wells Fargo FiNet adds a San Diego family practice from LPL

Investor accuses Lasater Capital of hiding $100M in fund defaults
Investor accuses Lasater Capital of hiding $100M in fund defaults

Celebrity endorsements, $500M in claimed assets, and a state regulator stepping in.

American Express to make job cuts as AI revolution ramps up
American Express to make job cuts as AI revolution ramps up

“We needed to become a more agile and efficient organization,” said American Express CEO Stephen Squeri.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor