Goldman's Assaly Plans Quant. Hedge Fund

Apr 17 2012 | 2:29pm ET

Yet another former Goldman Sachs proprietary trader is set to launch a hedge fund.

George Assaly has founded Alcova Asset Management. The quantitative hedge fund could prove to be one of the largest launches of the year, HFMWeek reports.

Assaly was head of Europe, Middle East and Africa quantitative trading at Goldman until leaving in June. He spent seven years at the bank, which he joined from BNP Paribas. Prior to taking over EMEA quant. trading, he led Goldman's Asia quant. desk in Tokyo.

Assaly is working with former PCE Investors chief operating officer Russell Hart on the new venture. No other information about Alcova was available.

At least seven former Goldman prop. traders or groups of former prop. traders have launched their own hedge funds, are planning to do so or have joined an existing shop. The group is led by Pierre-Henri Flamand and Morgan Sze, whose Edoma Capital Partners and Azentus Capital Management already manage billions. Goldman was forced to shutter its prop. trading operations to come into compliance with new U.S. regulations.


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