Goldman Sachs has begun a more-than-two-year process to cut its hedge fund investments to comply with the Volcker Rule, finalternatives reports.
In a letter to the Securities and Exchange Commission last year—but only posted by the regulator last week—Goldman said that it would redeem up to 10% of its stakes in certain hedge funds each quarter from this month until June 2014. It did not say which hedge and private equity funds would be affected; some of its investments in those funds are already below the Volcker rule maximum of 3% of assets in any given fund.
At the end of last year, Goldman had $3.2 billion invested in hedge funds, compared to $20 billion in total client assets in hedge funds at its asset management unit. Some of Goldman's investments are in outside hedge funds….
Get the whole picture at http://www.finalternatives.com/node/19857
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