Tuesday, 24 May 2016
Last updated 4 hours ago
May 7 2014 | 12:16pm ET
Having failed in his bid to make it on his own, former Goldman Sachs proprietary trading chief Pierre-Henri Flamand is joining one of the world’s largest hedge funds.
Flamand will manage a global event-driven stock and debt fund at Man Group’s GLG Partners, the firm said today. He’ll start his new job next month.
“Man Group’s focus on performance, exceptional global resources, strong infrastructure and commitment to innovation differentiate the firm and create the optimal environment to deliver value for clients,” Flamand said.
Flamand’s return to the institutional fold comes a year-and-a-half after he pulled the plug on his Edoma Capital. London-based Edoma debuted with much fanfare—and more than US$1 billion in assets—in 2010. But Flamand could not recreate the success he enjoyed at Goldman’s Principal Strategies unit: Edoma’s returns disappointed, leading investors—who at one point entrusted US$2 billion to the firm—to flee. Flamand decided to liquidate in late 2012.
Flamand’s move to Man reunites him with a former colleague at Goldman, Emmanuel Roman. Roman, GLG’s co-founder, is now Man’s CEO, and is seeking to reduce Man’s reliance on its flagging flagship AHL strategy.