TICKER - Dog Days Of Alpha Goldman Injects Cash To Shore Up A Big Fund But Faces A Major Drop In Performance Fees

八月，八月，八月的高盛有一些最高的对冲基金在价值中陷入困境，但打击可能比第一次似乎更糟糕。

Market turmoil slammed the firm's $6 billion-in-assets Global Equity Opportunities hedge fund, which fell 40 percent between June 30 and August 10, prompting Goldman to bail the fund out in dramatic fashion. The bigger Global Alpha fund, which held $12.5 billion at the start of the year, lost more than 14 percent in a week.

拥有两颗星的对冲基金需要大点击中，对于高盛的声誉，足够糟糕;深水深处意味着退货必须在绩效费用再次开始之前急剧提高。Goldman Sachs Asset Management，管理价值75.8亿美元的子公司，去年从此类费用中去年的收入近四分之一。

问题延伸到高盛将军对冲基金到其量化部门的其他地区，其中使用与对冲基金的许多相同的方法管理总数为2500亿美元。该公司在过去的12个月内投资美国股票的长期税率已经表现不佳，与其全球战术资产分配组合有关。

根据知识渊博的来源，全球股权机会对冲基金或地理学校上半年上半年增长了6.4％，而MSCI世界指数上涨8.0％。然后是8月。该基金在与分析师的会议电话会议电话会议上表示，仅在一周内暂缓超过一周30％。因为投资者可以每月撤回其资金，只需15天的通知，欧洲投资者的谣言传播大赎回。随着遭遇的回报，基金的资产在6月底之前从60亿美元中推出了大约36亿美元，而Goldman根据知识渊博的来源进入。

全球alpha的投资者可以在45天的通知中仅在季度撤回资金，使基金更容易受到突然赎回的影响。投资者退出的下一个机会在本月底。

维吉尼亚雷诺兹帕克,首席投资官of Parker Global Strategies, a $500 million fund-of-hedge-funds manager in Stamford, Connecticut, predicts redemptions from Global Alpha. "Many investors have lost confidence," she says. "I wouldn't be surprised if it were the end of the program."

Goldman took the unprecedented move of injecting $2 billion of its own capital into GEO. It also persuaded outside investors, including Los Angeles entrepreneur Eli Broad, to stump up a further $1 billion.

Goldman adopted a confident stance. "This is not a rescue," Viniar told analysts. "Given the dislocation in the markets, we believe that this is a good investment opportunity for us and the other investors that we have brought in." GEO in fact rebounded the following week. Still, the fund was down 23 percent year-to-date at the end of August, according to the source; Global Alpha was down 30 percent.

But there was a good bit of PR at work too. As Broad tells II, Goldman "said they put in $2 billion and wanted additional money so the world would not think of it as a bailout."

Apart from institutions, existing investors in the fund include wealthy individuals and Goldman's own executives, raising eyebrows in some quarters about the wisdom -- and propriety -- of using shareholders' money for a bailout. Goldman won't specify how much of GEO's capital belongs to its own partners; a spokeswoman would say only that the amount is "minimal." But when asked whether top executives, including CEO Lloyd Blankfein and asset management chief Peter Kraus, had any money invested in GEO, the spokeswoman declined to comment. As for whether Goldman took any special measures to ensure proper use of shareholder money before the GEO investment, the spokeswoman replied by e-mail that "the investment was board-approved."

Geo的旧邀请士可能是痛苦的，但新的投资者正在获得一个甜蜜的交易。他们被锁定在六个月内;直到2010年1月1日，一旦该基金赞赏10％，他们将不支付管理费，只需10％的绩效费用。现有投资者支付2％的管理费和绩效费用20％。然而，只有在去年最高水平高于其最高水平的地理篮板上，后者将重新开始，其所谓的高水位标记。

高盛并不孤单地遭受股票市场的调整。其他大名称，如AQR资本管理和巴克莱全球投资者，也跌跌撞撞。但是，定量资金是GSAM的增长引擎之一，占2006年高盛总收入的11％。

但发动机一直在溅射。Goldman去年的绩效费用的大部分来自全球alpha，2005年在2006年减少了6％之前，GSAM的绩效费用下降了87％，达到2007年5月的六个月，达到1.1亿美元。前一年的时期。GSAM报告零股入第二季度的替代品，在第一季度的20亿美元，2006年的320亿美元。

直到明年，全面影响可能不会清楚，因为大多数奖励费用于12月份支付。自7月中旬以来，高盛的股份已经下跌了19％。

New investors like Broad agreed that GEO suffered from unusual events and that its long-term strategy was sound. "It was an easy decision," he says. GEO has returned 13.6 percent annually between its inception in May 2003 and June 2007.

一些现有的投资者不太自信。“我们正在清算我们的投资，”两年前在地理上投入了大约500万美元的对冲基金经理。在“公寓或略微消极”回报之后，他在1月份将基金放在手表名单上。

高盛表示，在资金注射后，Geo将杠杆率降低到3.5倍以前的约6次。这将使公司发布高回报率更加困难，它需要再次开始收集利润丰厚的绩效费用。高盛“正在努力共同努力，找到最好的解决方案”说一个熟悉此事的人。

Top executives at other investment banks have taken the fall for hedge fund losses in recent months, from former UBS CEO Peter Wuffli to former Bear Stearns president Warren Spector. It's unclear whether executives at Goldman will suffer similar fates, but some kind of restructuring looks likely. Goldman must act fast to restore its luster.