From Businessweek: As Goldman Sachs cuts back on making bets with its own money to comply with new federal regulations, Pierre-Henri Flamand, Morgan Sze, and at least four other traders have left to start their own hedge funds. They’ve had no trouble attracting investors, raising more than $4.5 billion. So far, though, none of them have produced positive returns for their clients. “Many ex-Goldman prop traders have found it much harder than they originally thought to make money,” says Matias Ringel, research head at EFG Asset Management, which invests in hedge funds.
Flamand and Sze were among the first proprietary traders to leave Goldman amid a debate in Congress after the 2008 credit crunch over whether to rein in risk-taking by banks….
Find out more at http://www.businessweek.com/articles/2012-04-05/goldman-alumni-falter-in-stormy-markets
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