AlgoRates.com Acquires Goldman Sachs VP
According to audited financial reports, since 2007, Algorates.com has earned more than 20% average annual returns for their clients.
Online, October 18, 2013 (Newswire.com) - The British-based investment fund, AlgoRates.com, may soon be announcing the acquisition of a senior Vice President from the Wall Street powerhouse Goldman Sachs Group, Inc.
An inside source at Goldman Sachs claims that while there is no direct connection between this acquisition and the recent scandals at the Wall Street investment bank, "it may have played a role in motivating some employees to seek other options."
This summer, the scandal-ridden Goldman Sachs was forced to pay 550 million US dollars to settle U.S. Securities and Exchange Commission (SEC) charges related to subprime mortgages, and one of its employees, Fabrice Tourre, also known as "Fabulous Fab" was found liable for fraud in early August 2013.
Although highly controversial, Goldman Sach's business practices are also effective. According to the Wall Street Journal, "the value of Goldman Sachs Group... investment portfolio doubled last year. Bond underwriting hit a five-year high. The firm's workforce shrank and remaining employees were paid a smaller chunk of overall revenue... [However] net income almost tripled to USD 2.83 billion in the fourth quarter (2012)." *
While details of the acquisition have not yet emerged, it is believed that the two sides are in the last stages of negotiations, and an announcement will be made in the coming weeks. An analyst at Goldman Sachs added that, "the potential of algorithmic trading has not been overlooked by many market analysts; this technological arms-race has barely started and it is inevitable that traders will have to use the kind of high-tech tools offered by AlgoRates in order to stay relevant in a market that can react to change in a fraction of a second."
Although an AlgoRates.com spokesman had no comment on the story, industry experts point to this acquisition as recognition that algorithmic trading is believed to be the future of market trading and the fact that AlgoRates.com is a leader in the field.
According to audited financial reports, since 2007, Algorates.com has earned more than 20% average annual returns for their clients. During the past year, AlgoRates.com predicted gold's downturn ** and the decline of the Australian dollar, *** helping to increase the value of their investor's portfolios by as much as 300%. According to the American network news channel, ABC News, "since the beginning of the year, AlgoRates.com has recorded an impressive 12 percent earnings in the German DAX 30 and almost 15 percent in the US Dow Jones." ****
Sources inside AlgoRates.com were reluctant to share details about what has made their algorithms so successful; however, one senior analyst stated that their success can partially be attributed to the combination of state-of-the-art software and technology coupled with the constant supervision of experienced and professional market analysts.
According to a recent report published by the Market Intelligence Center*****, "AlgoRates.com, which until this year was mainly open to investment banks and large hedge funds, has recently re-organized in the United Kingdom. Although in the past a limited number of non-professional investors were able to pool their resources into cooperative portfolios... this year's restructuring is allowing smaller and medium-sized investors to more easily access one of the most state-of-the-art and profitable funds in the market today."
Sources:
* - Wall Street Journal, 24 January 2013.
** - International Business Times, 2 August 2013.
*** - Dallas Morning News, 27 August 2013.
**** - ABC News (United States), 24 September 2013.
***** - Market Intelligence Center, 13 October 2013.