Goldman Sachs Announces New Role for David Solomon

Mar 4 2015 | 8:29pm ET

David Z. Solomon, a top executive at Goldman Sachs' prime-brokerage unit, is moving to the bank's asset-management division to work with one of the company's internal hedge funds.

On Wednesday, the investment bank announced Solomon's move to Goldman Sachs Investment Partners (GSIP), a fund founded by Goldman traders in 2007. According to Goldman Sachs, the fund “seeks asymmetric risk-reward opportunities to achieve equity like returns.”

The fund was started with roughly $7 billion, with a large share coming from the bank. However, thanks to the Volcker Rule, the bank is being forced to cut back its holdings and build a broader client base. 

According to a company memo, GSIP raised roughly $1 billion for its first Asia hedge fund in 2014. 

Solomon has 16 years of experience with Goldman Sachs' trading division. He became a managing director in 2004.

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