NEW YORK (The Wall Street Journal) -- The managers of Goldman Sachs' flagship Global Alpha hedge fund broke their silence after a disastrous August with a letter to investors that promised changes in the way the fund operates.

But contrary to the expectations of some, Goldman won't close the fund or inject any of its own money, as it did with a smaller fund weeks ago. Instead, the letter promises to better handle borrowing and volatility, to shrink the size of the fund and to "adjust our process".