Any attempt to bring hedge fund investing to the masses could make ripples for the fund management industry. That is particularly true if Goldman Sachs, a prestigious house not known for its offerings to the common man, is behind the attempt.

So it is very interesting that Goldman last week announced the launch of a mutual fund designed passively to track the results of absolute return hedge fund strategies. With markets in turmoil, the launch did not garner much attention, but it remains significant. Its backers will of course argue that the market turbulence only underlines the need for their product.