Goldman Sachs has named veteran risk manager Marc Spilker as new chief of its alternative management business, which includes hedge funds, according to Reuters.
Spilker has been with the company for more than 16 years and hails from its securities division. He became a partner in 1996.
One of Spilker’s goals will be to develop new hedge fund strategies while keeping an eye on risk, a company memo said.
During the fourth quarter, Goldman saw a 78 % drop in asset-management incentive fees, which gave investors pause about the direction of what has been a lucrative business. The decline was driven by poor performance in Goldman’s hedge fund.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.