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Avenue Capital said to be in talks with Goldman Sachs traders, JP Morgan starts moving proprietary traders to asset management unit

Tuesday, September 28, 2010

Avenue Capital said to be in talks with Goldman Sachs traders From Bloomberg.com: Avenue Capital Group, the hedge fund-firm run by Marc Lasry, is in talks to hire members of Goldman Sachs Group Inc.’s proprietary-trading business in the U.S., according to two people briefed on the discussions.

Lasry is pursuing the Goldman Sachs team run by Bob Howard to expand New York-based Avenue Capital beyond its focus on distressed and credit investing, said the people, who asked not to be named because the talks are private. KKR & Co., the New York-based buyout firm, and investment bank Perella Weinberg Partners LP also are negotiating with the group, people with knowledge of the matter said Sept. 8… Full article: Source

JP Morgan starts moving proprietary traders to asset management unit From Bloomberg.com: JPMorgan Chase & Co. began moving proprietary traders to its asset-management unit from the firm’s investment bank to comply with laws that restrict a bank’s ability to trade for its own account.

Proprietary traders in the equity, emerging markets and structured credit divisions will report to Mary Erdoes, asset management’s chief executive officer, in a new alternative investment management group for clients, according to a memo sent to employees today by Erdoes and investment bank CEO Jes Staley… Full ar......................

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