 "The Wall Street Journal" described Asness and Carhart as managers of Global Alpha, a "big, secretive hedge fund"—the "Cadillac of a fleet of alternative investments" that had made millions for Goldman Sachs by 2006.By mid-2008 the quant fund had declined to 2.5 billion, by June 2011, it was less than $1.7 billion, and by September 2011, after suffering losses that year, it had "about $1 billion AUM.In September 2013, Goldman Sachs Asset Management announced it had entered into an agreement with Deutsche Asset & Wealth Management to acquire its stable value business, with total assets under supervision of $21.6 billion .