Sunday, 29 March 2015
Last updated 1 day 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…