People Moves

	https://www.next-finance.net/en
	People Moves

The Asia prop trading team of Goldman Sachs will also start its hedge fund!

The Hong Kong-based prop traders of the famous "Principal Strategies" desk at Goldman Sachs are also preparing to leave the bank.

Article also available in : English | français

Morgan Sze, who suceeded Pierre-Henri Flamand as head of global Principal Strategies Group of Goldman Sachs, will not remain at the position for long.

With his team, a dozen of prop traders based in Hong Kong, he plans to leave the bank to run his own hedge fund. His departure should be effective by the end of the year.

He is said to have already hired Roger Denby-Jones, former Allen Boyer’s CEO, as a future COO. Denby-Jones is a former Goldman Sachs broker. He had been the head of Europe’s prime brokerage sales for 14 years before joining Allen Boyer in 2005.

The choice of Denby-Jones will probably help Morgan Sze to raise additional capital and allay investor concerns about the ability of traders to deal with operational aspects of managing a fund. According to some investors, the key issue, for such a famous proprietary trading team, is not their ability to generate performances but their ability to manage a business out of the cocoon of their investment bank.

This year, despite the risk aversion of investors due to the crisis, Goldman’s former golden boys have succeeded to raise assets. Davide Erro, also based in Asia, has raised $300 million for its management company Turiya Fund, launched in April, while Pierre-Henri Flamand, based in London, expected to reach 500 million dollars in the coming months for Edom Capital Partners LLP.

Next Finance , October 2010

Article also available in : English | français

Add a new comment

Goldman Sachs

Viadeo

Add a new comment

Focus

People Moves Redundancy plan: Société Générale to join the party

The announcements of job cuts in investment banking continues. After a year fueled by rumors, Société Générale has officially announced the implementation of a voluntary departure plan for approximately 880 investment bankers (...)