Goldman Winding Down Hedge Fund Unit

Nov 12 2013 | 12:17pm ET

Goldman Sachs CEO and chairman Lloyd Blankfein says his firm is set to comply with the Volcker rule and is winding down its hedge fund unit.

Speaking at the Bank of America conference on Tuesday, Blankfein said the firm will also begin harvesting private equity but that investment banking will remain its primary focus.

The Goldman CEO said clients would continue to demand some services prohibited under Volcker, reports CNBC, and that, while Goldman would still be permitted to co-invest with and provide liquidity to it investors, key businesses would no longer be as attractive as they once were.

The Volcker rule, named for former Federal Reserve chairman Paul Volcker, forbids banks from doing their regular business (loans, mortgages, etc.) while trading on their own behalf.


In Depth

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...

 

From the current issue of