The problems of Goldman Sachs' Global Alpha fund have been fairly well documented. After a stunning 40 percent gain in 2005, it has never regained the magic touch. Last year, it lost 6 percent. Now Financial News Online says that it was down 8 percent in the last week of July. There is no reason to panic. In June, David Viniar, chief financial officer, said that there had not been any substantial redemptions. But clearly, Goldman Sachs is disappointed and seems to be hungry to find another flagship vehicle. In a somewhat surprising move, it will allow Raanan Agus, head of proprietary equity trading, to set up an in-house fund. Of course, just about all hedge funds are reeling right now. It could be that the Global Alpha fund turns it around. We'll see.  

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