Reuters reports that
the head of Goldman Sachs Group Inc's (GS.N) prime brokerage unit in Japan will
depart by the end of July as the Wall Street bank scales back that operation,
which services hedge funds, and shifts some staff and operations to Hong Kong,
sources with knowledge of the matter said on Thursday.
The departure of Toru Okabe underscores the plight of the
Japanese hedge fund industry, which is struggling to attract investment into
Japan-focused equities funds due to a slump in the local stock market and
long-lasting deflation in the economy.
Goldman is Japan's biggest prime broker, with 17 mandates
and assets under management totaling $2.7 billion, according to an industry
survey by AsiaHedge released in May, which also ranked Goldman as top prime
broker in Asia, with 162 mandates and assets under management of $20.6 billion….
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