NEW YORK, March 13 Goldman Sachs Group Inc
(GS.N), where several of its quantitative funds plunged last
year, says it has cut 20 out of 125 members of its quantitative
investment team in New York.
Among those pushed out were Vice Presidents Constantin
Filitti, Bernd Hanke and Christopher Li in research; Max
Belenitsky and Patrick McDonough, who helped implement trading
strategies; trader Eric Tsang; and Michelle Bahk, portfolio
coordination. Managing director Takahiro Komatsu will be moved
elsewhere within Goldman.
A Goldman spokeswoman confirmed the departures but declined
Recently Goldman folded its long-only quant equity team,
led by Bob Jones, into a hedge fund team led by Mark Carhart,
manager of the bank's multi-strategy Global Alpha fund.
Global Alpha's fell 40 percent last year, while the several
computer-driven stock funds plummeted last summer amid
unprecedented market turbulence. Goldman at one point
orchestrated a $3 billion cash infusion to bolster Global
High turnover, and poor performance last year, has driven
some customers away. Last month led the Massachusetts state
pension fund to end a $1.2 billion contract with Goldman.
(Reporting by Joseph A. Giannone, editing by Dave Zimmerman)