Saturday, 23 August 2014
Last updated 19 hours ago
Mar 12 2010 | 8:13am ET
Goldman Sachs’ top hedge fund manager is leaving the firm to start his own hedge fund.
Pierre-Henri Flamand, who has headed Goldman Sachs Principal Strategies for since before its transformation into a hedge fund in 2008, will retire after 15 years at the Wall Street giant. Flamand’s move comes after GSIP, like many hedge funds, rebounded from a difficult 2008 to post big gains.
“Results in principal strategies were positive compared with losses in 2008,” Goldman said in a Securities and Exchange Commission filing.”
Goldman is backing Flamand’s plan to go it alone, Bloomberg News reports. Flamand will remain at Goldman for a few months to assist with the transition; his successor will be a manager currently working on GSIP.
Flamand, who is based in London, was head of GSIP in Europe from 2002 until 2007. A year later, Goldman turned the proprietary trading desk into a hedge fund and transferred it to its asset management unit. GSIP is a relative-value strategy, engaged in “various types of volatility trading,” it said in its annual report.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note