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Debut of New Goldman Hedge Fund May Break Record at $10B

Posted Dec 17, 07 5:55 PM CST in Business 

(Newser) – Goldman Sachs will launch a new stock hedge fund next month with as much as $10 billion, making it the biggest hedge fund debut in industry history, Bloomberg reports, and Goldman's first in-house fund of its kind. The fund, Goldman Sachs Investment Partners, will be run by two Goldman department heads, with a staff of 40 from the proprietary equity division.

Six multibillion-dollar funds have spun off from Goldman, but in all cases the traders left Goldman to start their own firms. This time the players are staying in-house, enriching Goldman’s asset-management group. It is a strategic goal of CEO Lloyd Blankfein’s: "Given our reputation for success, I think our private wealth-management footprint is smaller than it should be," he said in November.

Source Bloomberg

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This undated handout file photograph of Goldman Sachs president and chief operating officer Lloyd Blankfein was released by the Wall Street investment bank, Friday, June 2, 2006. (AP Photo/HO, Goldman...   (Associated Press)
The building on Broad Street in New York's Financial District that houses brokerage firm Goldman Sachs is shown in this June 12, 2007 file photo. (AP Photo/Richard Drew, file)   (Associated Press)
The building on Broad Street in New York's Financial District that houses brokerage firm Goldman Sachs, Tuesday, June 12, 2007. (AP Photo/Richard Drew)   (Associated Press)
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