Goldman Sachs to launch $10 billion hedge fund
Despite the on-going mortgage credit crisis, Goldman Sachs Group Inc is preparing to launch a record $10 billion hedge fund, Bloomberg financial news service reported Monday, quoting two people with knowledge of the fund.
The amount would represent the largest debut in the industry’s history, Bloomberg said. The previous record was $7 billion. Unlike Goldman Sachs’ previous hedge funds, which met with turmoil amidst the ongoing credit crunch, the fund managers are not expected to set up an external company, but rather work under the Goldman Sachs roof. The fund is to open on January 1 as „Goldman Sachs Investment Partners.” Hedge funds are considered the most risk-vulnerable variant of investment funds, with strategies that help them earn money even when markets are falling, albeit with high risk to investors. (m&c.com)
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