Goldman Asia Prop. Trading Chief Starts Hedge Fund Fundraising

Dec 16 2010 | 1:16am ET

Morgan Sze is still Goldman Sachs' top proprietary trader. But he has begun to prepare for life after Goldman in a very concrete way—Sze is actively raising money for the hedge fund he and other veterans of Goldman's Asia prop. desk will launch when they leave the firm.

Azentus Capital is expected to debut in at the end of the first quarter, the Financial Times reports. And it is expected to debut with a splash: The still-just-on-paper fund's marketers expect to raise between US$1 billion and US$1.5 billion for it by launch.

Hong Kong-based Azentus will run several strategies, including long/short equity, risk arbitrage and special situations. In October, the firm hired Boyer Allen Investment Management CEO Roger Denby-Jones to serve as its chief operating officer.

Goldman is in the process of shuttering its Principal Strategies prop. trading desks to come into compliance with Dodd-Frank financial regulation reform law. That includes parting ways with Sze and his 10-strong team.

Goldman has already bade farewell to Sze's New York-based counterpart, Robert Howard, and eight members of his team. That group is set to join Kohlberg Kravis Roberts next month.

Last month, the former head of Goldman Sachs Principal Strategies, Pierre-Henri Flamand, launched his Edoma Capital with US$820 million—and another US$450 million in commitments. Eric Mandelblatt, the former U.S. COO of Principal Strategies, also unveiled his new hedge fund, Soroban Capital Partners, last month with at least US$500 million.


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