Goldman To Shutter Prop. Desk

Goldman Sachs’ proprietary trading business—the cradle of many of the world’s most successful hedge fund managers—will close to comply with new U.S. financial regulations, but not before spawning another hedge fund or two.

Some members of Goldman's Asia prop. team are likely to join a hedge fund founded by Morgan Sze, head of that group, while the New York-based traders are in talks to join an asset management firm.