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Komfie Manalo, Opalesque Asia: Goldman Sachs is shutting down its London hedge fund and has told its team there to pack their bags and move to New York, the Financial Review said citing a Reuters report.
Goldman Sachs Investment Partners (GSIP), one of the biggest hedge fund launches in history, started trading in 2008. Four sources told Reuters that the eight staff members comprising the London office were advised to report to Goldman Sachs headquarters in Battery Park City in Lower Manhattan or look for a new job in the bank.
A spokesman for Goldman has confirmed the reports while dismissing speculations that the move was triggered by the eventual Brexit.
The spokesman said, "This is a discrete decision for reasons specific to GSIP, one investment team within Goldman Sachs, and shouldn't be construed as anything but that," without providing other details.
However, the closure of the London hedge fund unit could have been the result of the decision by Nick Advani, the fund's managing director and head of operations who announced in June he would step down from his role.
Advani is currently serving as an advisory director at Goldman and is expected to vacate his post and leave the company later this year, according to sources who asked not be named because there were not a...................... To view our full article Click here
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