[KT] Goldman Sachs拔掉AQR Capital的塞子

Goldman pulls plug on AQR account
Goldman Sachs拔掉AQR Capital的塞子

*AQR Capital (Applied Quantitative Research)是一家以計量模型為基礎的資產管理公司，其中的重要人物以前大多是Goldman Sachs的員工。
*401(k)就像是美國的勞退新制。員工可以提撥一部分的薪資到這個帳戶內，並且可以自由選擇投資標的。如：基金、股票等。AQR Capital旗下的基金就是Goldman Sachs的401(k)計畫中的一個標地物。

AQR Capital's account for Goldman Sachs' 401(k) investors performed poorly - and now it's shutting.
AQR Capital要為他們的糟糕表現，對Goldman Sachs的員工負責。而他們現在已經被停止作為Goldman Sachs員工退休金的標的投資了。

NEW YORK (Fortune) -- After months of poor performance, Goldman Sachs has stopped offering an investment account that AQR Capital Management created for the bank's 401(k) lineup.
在好幾個月的糟糕表現之後，Goldman Sachs已經決定停止AQR Capital作為他們員工退休基金的一個投資標的了。

According to a letter written by Goldman Sachs, that fund "has already begun unwinding positions in order to ensure an orderly liquidation and close of the fund on April 30." People close to the matter say that the process has been completed.
Goldman Sachs的一封信指出：這家基金「已經在他們的投資部位上作調整，以便於執行4/30的贖回動作」。內部人員表示，這個工作已經接近完成的階段了。

The 401(k) fund - Global Relative Value - was designed to be a relatively low volatility investment based on the strategies used by AQR Capital Management's Global Asset Allocation hedge fund. According to a Bloomberg report, Global Asset Allocation was down 16% in the first six weeks of this year.
AQR Capital的這檔基金「Global Relative」採取與「Global Asset Allocation」這檔避險基金同樣的投資策略。但是由於這個策略運用失當，Global Relative的投資評等已經被降到很低了。根據Bloomberg的報導，Global Asset Allocation的表現也沒好到哪裡去，從今年初以來的六個月內，基金淨值就已經掉了16個百分點。

The fund in the Goldman 401(k) has lost 21% of its value from the beginning of this year to the date of termination.
從年初至到期日這段短短的時間內，這檔基金已經賠掉了21%的淨值。

Although small when compared to AQR's total $8.6 billion hedge fund portfolio, Global Relative is among several AQR funds and accounts that have tanked since the credit crisis hit last summer. The firm's hedge fund assets under management have shrunk from about $11 billion at the beginning of 2007.
跟AQR總值86億美元的避險基金的損失比起來，Global Relative從次貸風暴以來的損失已經算很少的了。這家公司的避險基金在2007年初的淨值有110億美元之譜。

According to a Bloomberg report, the Greenwich, Connecticut firm's flagship $2.9 billion Absolute Return Fund was down almost 15% through Feb. 15.
根據Bloomberg的報導，這家公司的旗艦基金，市值達29億美元的「Absolute Return Fund」截至2/15止，已經賠掉了淨值的15%。

While many smaller funds are expected to close amid the current financial turmoil, it is notable that a sterling name like AQR would run into these problems.
儘管在次貸風暴中，很多小的基金都會受到波及，但是像AQR這樣知名的公司也難逃其中，的確是值得大家注意的。

The firm was founded by Goldman Sachs Asset Management alum Cliff Asness, the University of Chicago-educated math whiz that ran some of the last decade's most successful hedge funds.
這家公司是由Goldman Sachs資產管理部的前任員工Cliff Asness創立的。他是個從芝加哥大學畢業的數學天才，曾經有很多操作避險基金的成功經驗。

AQR was among the first firms to create quantitative hedge funds - funds that use mathematical models to find and profit from small mispricings in the stock market. This strategy is also referred to as "black box trading."
AQR是那些最早開始以計量方法操作避險基金的公司。他們使用數學模型去找出股票市場裡一些微小的價差，並藉以獲利。這個策略又被稱作「黑盒子交易法」。

Performance bleed
績效走下坡

Global Relative is not the only example of a hedge fund's woes impacting investors beyond that hedge fund's small universe of wealthy investors. Not only did AQR run some very successful hedge funds for its clients, the firm was a darling among large asset managers, who hired AQR to manage money for their clients. In these arrangements, which are very common, the woes of one firm will bleed into another. (See correction at end of story.)
Global Relative不是唯一一檔衝擊投資人的基金。AQR不僅經營一些非常成功的基金，他們同時提供很多資產管理者金融服務。在這種情況之下，這個衝擊同時也會影響到很多跟AQR沒有直接關係的投資人。

For example, Russell Investments, which has $200 billion in assets under management, used four money managers for its long-only Non-US Fund: Altrinsic Global Advisors, AQR Capital Management, MFS Institutional Advisors, and Wellington Management Company.
舉例來說，Russell Investments有2000億美元的資產在他們名下。他們總共有四家公司來幫他們管理資產，AQR就是其中之一。

"Only one of the four managers in the Fund [Wellington] outperformed for the period [2007]," Russell wrote in its SEC filing.
Russell表示：「在這四個資產管理公司中，只有一家(Wellington Management Company)的表現在2007年勝過大盤。」

MFS and Altrinsic emphasized growth-at-a-reasonable-price, a strategy that was a loser last year when the market favored stocks with high growth rates, good price momentum, and high valuations.
另兩家公司，MFS Institutional Advisors與Altrinsic Global Advisors都是以穩定成長為訴求的。但是這種策略在去年這種對高成長、高波動與高價格有利的股票市場中，卻是相當不利的。

As for AQR, Russell writes that it was "negatively impacted by a steep sell-off affecting quantitative managers in the second half of the year. Its emphasis on stocks with both attractive valuations and momentum was out-of-favor particularly in the latter half of the year."
至於AQR，Russell指出：「在2007下半年，股價的暴跌造成AQR一個很大的負面衝擊。因為AQR強調高價格、高波動的策略，在去年下半年是相當不利的。」

Russell did not return a call for comment.
AQR and Goldman declined to comment.
在此之後，Russell、AQR與Goldman都不願意再做出進一步的評論。

First Published: April 3, 2008: 3:07 PM EDT

原文：
http://money.cnn.com/2008/04/03/news/companies/benner_aqr.fortune/index.htm?postversion=2008040410
參考資料：
http://www.aqrcapital.com/about.htm
http://en.wikipedia.org/wiki/401%28k%29#History