According to the Wall St Journal’s Deal Journal: Goldman Sachs began this month unwinding its investments in hedge funds to comply with the Volcker Rule’s ban on banks holding more than 3% of the assets of any single fund. The process will take more than two years. It will redeem up to 10% of its stakes in certain hedge funds each quarter over ten consecutive quarters, starting in March 2012 and ending in June 2014.
Goldman manages $20 billion of hedge fund assets for clients in its Goldman Sachs Asset Management division. The firm’s own investment in hedge funds was valued at $3.2 billion at the end of December, according to its recent annual financial filing, in strategies including long/short equity, credit, convertibles, risk arbitrage, special situations and capital structure arbitrage, the SEC filing said...
Find out more at http://blogs.wsj.com/deals/2012/03/08/goldman-begins-hedge-fund-wind-down/
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