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Global Equity Opportunities

Global Equity Opportunities

Goldman Sachs Global Equity Opportunities Closes


Goldman Sachs has decided to close Global Equity Opportunities, one of its most well-known and best performing hedge funds.  The investment bank has shut down the fund, which once managed $7 billion, two years after the fall of many quantitative hedge funds in 2007.
Goldman shuttered the once-$7 billion fund last month, more than two years after it became one of the earliest victims of the “quantocide” that struck quantitative hedge funds in the summer of 2007. GEO itself lost almost $1.5 billion in the first two weeks of August 2007 alone, leading Goldman to orchestrate a $3 billion bailout of the fund.
At the time, Goldman CFO David Viniar said the capital infusion “reflects our collective belief that the value of this fund is suffering from a market dislocation that does not reflect the fundamental value of the fund’s positions.” But while the bank recouped the money it invested in the fund, it never recovered, posting lackluster returns, and suffering client redemptions, over the past two years.
The fund had just $200 million in assets when Goldman pulled the plug last month, the Financial Times reports.  Source


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