Tuesday, 26 May 2015
Last updated 23 min ago
Mar 8 2012 | 1:18pm ET
Goldman Sachs has begun a more-than-two-year process to cut its hedge fund investments to comply with the Volcker Rule.
In a letter to the Securities and Exchange Commission last year—but only posted by the regulator last week—Goldman said that it would redeem up to 10% of its stakes in certain hedge funds each quarter from this month until June 2014. It did not say which hedge and private equity funds would be affected; some of its investments in those funds are already below the Volcker rule maximum of 3% of assets in any given fund.
At the end of last year, Goldman had $3.2 billion invested in hedge funds, compared to $20 billion in total client assets in hedge funds at its asset management unit. Some of Goldman's investments are in outside hedge funds.
Goldman laid out its plans after the SEC in May of last year asked the bank to update it on its progress towards compliance with the Volcker rule. "We plan to review these expectations when the detailed scope of the prohibitions, permitted activities, exceptions and exclusions related to sponsoring and investing in private equity and hedge funds are known with certainty," Goldman responded on June 30.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…