Goldman Hedge-Fund Managers Carhart, Iwanowski Quit

Mark Carhart and Raymond Iwanowski, co-heads of Goldman Sachs Group Inc.’s quantitative-investment group and Global Alpha hedge fund, quit the firm.

The pair announced their retirements from New York-based Goldman Sachs today along with Giorgio De Santis, co-head of research at the unit, according to a memo sent to clients of Goldman Sachs’s asset-management unit. The departures were confirmed by Andrea Raphael, a company spokeswoman, who declined to comment further.

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Carhart and Iwanowski ran Global Alpha, which was once the Goldman Sachs’ largest hedge fund before it suffered investment losses and client redemptions. Assets peaked at $12 billion in 2007 before falling to about $2.5 billion by the middle of last year. The quantitative group uses computer models to pick securities to buy and sell.