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January 08, 2020  

Goldman Sachs Alums Prep Quant Offering

An investment team that oversaw billions of dollars for Goldman Sachs Asset Management’s quantitative-equity unit is preparing to launch a hedge fund.

The all-female group, led by chief executive Amna Maluki, is setting up shop in New York as Lorica Asset Management. Also on board as partners are portfolio managers Hannah Steele and Yiwen Zhu.

Maluki, Steele and Zhu previously worked together in Goldman’s quantitative investment strategies unit, with Maluki and Zhu leaving in 2018 and Steele exiting in October 2019. At Lorica, they plan to employ a mix of fundamental analysis and quantitative techniques to take long and short positions in a range of equity and equity-derivative products globally.

A source said the firm is poised to begin trading before the end of the first quarter. It plans to offer separate accounts in addition to a commingled fund.

Maluki, who at Goldman used the surname Qaiser, was a lead portfolio manager in the quantitative investment strategies unit. She also helped design and manage various alternative mutual funds and exchange-traded vehicles employing so-called smart-beta strategies.

At one point, she managed or co-managed portfolios totaling $3.5 billion to $4 billion.

Steele, who joined the Goldman unit in 2013, was an analyst who focused on global-macro themes. Zhu joined the unit in 2011, also as an analyst.

All told, the quantitative investment strategies group was running more than $170 billion last year across hedge funds, alternative mutual funds and separate accounts employing a mix of actively managed and index strategies.