Ex-Goldman Star Flamand Has Rough First Year

Nov 28 2011 | 9:29am ET

Former Goldman Sachs star trader Pierre-Henri Flamand, who left the bank to launch his own hedge fund in 2010, got off to a rocky start in 2011.

His $2.1 billion Edoma Partners, an M&A fund which closed to new investors earlier this year, is down 3.79% in 2011 as of the end of last week, a fund investor told Reuters.

This puts the fund down just under 2% since its inception on November 1, 2010, according to the source.

The year has been a tough one for event-driven funds like Edoma, with volatility killing off M&A deals. The HFRI Event-Driven (Total) Index fell 1.75% in the 10 months to the end of October.

Two investors told Reuters Flamand’s fund was down 2.6% over the same period.

"There will be some people who will be disappointed because they were expecting more but it's been a really difficult market…. I think people will give him the benefit of the doubt," one of the sources, who preferred not to be identified, told the news agency.

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