Financial News US reports: Goldman Sachs, which last month fell to second place among the largest US hedge fund managers, made a 5.7 percent loss on its leading fund in February.
Goldman’s Global Alpha hedge fund lost 5.7 percent in February when it placed wrong bets on stocks, global bonds and currencies, according to a Bloomberg report citing a letter to investors. The same fund reported a loss of 9 percent in 2006 after it gained almost 40 percent in 2005.
The latest loss, as reported in the fund’s monthly performance letter to investors, came as the bank was bumped from its number one spot of hedge fund managers by JP Morgan Chase, whose managed assets rose to $34bn (€24.5bn) to Goldman’s $32.5bn.