Wednesday, 22 October 2014
Last updated 16 hours ago
Oct 19 2010 | 1:47am ET
Goldman Sachs' former proprietary trading chief has raised more than $1 billion for his new hedge fund.
Pierre-Henri Flamand's Edoma Capital will launch its first fund next month with US$820 million. The London-based firm has also won additional commitments of US$450 million, MarketWatch reports.
None of the money comes from Flamand's former employers: Goldman will not invest in the new hedge fund.
Flamand ran Goldman's Principal Strategies division for three years. He retired from the firm earlier this year to found Edoma.
Goldman has since decided to shutter Principal Strategies to come into compliance with the newly-enacted Volcker rule, which bars banks from prop. trading.
Edoma features several other Goldman veterans, including Flamand's former deputies, Ali Hedayat and Emmanuel Niogret. Former UBS prime brokerage chief Martina Slowey serves as the firm's chief operating officer.
Flamand's is one of three hedge funds led by former Goldman executives debuting next month, with each expected to top US$500 million at inception. Eric Mandelblatt, the former U.S. chief operating officer of Principal Strategies, is behind Soroban Capital Partners, and former Global Alpha chief Mark Carhart is launching Kepos Capital.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...