Goldman crafts a fund to retain talent, attract investors


By Sarah Wood

Has Goldman decided the alpha has gone away - and called the top of hedge fund returns?

That was one of my first thoughts when news surfaced earlier this year that the bank would reassign about half of its vaunted proprietary equities trading group - an "internal hedge fund" as it is sometimes called - to its asset management division. Led by global prop chief Raanan Agus and U.S. head Ken Eberts, the team would start a multistrategy hedge fund called Goldman Sachs Investment Partners (GSIP) and run less of the firm's own money, but be