Algorithms replace outside managers at Goldman Sachs

Computer-driven algorithms are dethroning external money managers at a Goldman Sachs Group Inc. alternative mutual fund that's seeking to slash fees and rebuild its dwindling assets

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The quantitative investment strategies team will run the bank's Multi-Manager Alternatives Fund as of September, according to a recent filing. It will replace members of Goldman's alternative investments and manager selection group, which helped the fund allocate its capital among Il outside firms as of March.