Goldman Fund Loses $989 Million: Report

A flagship hedge fund of Goldman Sachs(GS Quote) has lost close to $1 billion since its launch in January, the Financial Times reports.

Goldman Sachs Investment Partners, which raised more than $6 billion, has told investors that it had lost $989 million by September. It said the fund was down about 13% in the third quarter. Year-to-date performance fell about 15.5%, the Financial Times reports.

The managers said the fund isn't alone in producing disappointing returns this quarter and this year and they "anticipate that these results will lead to net outflows from the hedge fund industry," reports the newspaper. ...