In mid-August, the Global Equities Opportunities fund run by its own hedge fund managers had suffered a 30% decline for the year, all coming in the week of August 6. Its more famous Global Alpha fund was down 27%. Goldman pumped $2 billion of its own money into GEO. By the end of the quarter, the quantitative strategy had recovered, rising 16%. That’s good timing by Goldman and a $320 million gain in three weeks, with none of those pesky management and performance fees to be paid out.
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