Wednesday, 27 August 2014
Last updated 1 hour ago
Jul 12 2012 | 10:22am ET
Japan's biggest prime broker is getting smaller—by choice.
Goldman Sachs is cutting back on its prime brokerage operations in Japan, punctuated by the planned exit of the unit's head. Toru Okabe will leave the bank by the end of the month as it shifts some of its staff and operations to Hong Kong.
"The industry as a whole is operating increasingly on a Pan-Asia basis and we are relocating our resources to better meet with clients' needs," a spokeswoman for Goldman Sachs Japan, Hiroko Matsumoto, told Reuters. "We are putting more resources into the business across the region and our commitment to our clients, including those in Japan, remains unchanged."
Goldman moved its Japanese stock lending desk from Tokyo to Hong Kong in May, merging it with its Asia stock lending operation. The bank also plans to move its annual Asian hedge fund conference from Tokyo to Singapore this year.
Goldman is Japan's largest prime broker with US$2.7 billion in assets, according to Asia hedge. But the Japanese hedge fund industry is in a slump and has struggled to attract new capital as other Asian hedge funds have done; Japanese funds manage only about one-third of the amount they did in 2006.
Okabe is a 12-year veteran of Goldman's Japan prime brokerage. He joined the bank in 1997 from Nomura Securities.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...