Tuesday, 28 June 2016
Last updated 5 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.