From Finalternatives: Three former Australian Goldman Sachs traders have shuttered their hedge fund, choosing to wait out the current economic turmoil before returning to the markets. Global Trading Strategies, based in Sydney, stopped trading on July 31 and had returned 99% of its investors' capital by the middle of last month, Bloomberg News reports. The firm's founders, Brett Allender, Karl Mayer and Andrew Peden, former Goldman Sachs JBWere traders, decided "that the current environment wasn't conducive to their trading style and they thought it better to hand money back to investors," Murray Chatfield, chief operating officer, said.
The once-$1.2 billion global macro fund managed only $400 million at the end of July, following a year of negative returns. The six-year-old hedge fund, which began within Goldman Sachs JBWere, had doubled investors' money since inception and employed 24 people. The fund's remaining 1% is being held back for regulatory reasons, Chatfield said…
Read more at http://www.finalternatives.com/node/18380
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