Pierre-Henri Flamand, one of the most famous traders of Goldman Sachs has decided to launch his own hedge fund. He is said to be "supported" by Goldman Sachs even if we do not know yet whether the bank will invest in his hedge fund.
Pierre-Henri Flamand ran the "global principal-strategies group" desk, the largest prop trading desk of the bank whose teams implement strategies including equity "long / short", convertible arbitrage, volatility, capital structure arbitrage, "special situations" and "event-driven ".
The investment bank’s most prolific "quartet", which included in 2007, Raanan Agus, Driss Ben-Brahim, Morgan Sze and Pierre-Henri Flammand, is finally broken.
In 2007, their "package" was respectively estimated at 75 million Euros
The first to leave the bank was Driss Ben-Brahim, followed in 2008 by Raanan Agus, former head of "global principal-strategies group". The latter managed to raise five billion Euros for the hedge fund that he launched: Goldman Sachs Investment Partners. The hedge fund was finally integrated within Goldman Sachs Asset Management.
Morgan Sze, current deputy head and based in Hong Kong, will probably succeed Flamand as the new head of global principal-strategies unit.
Flamand’s departure comes at a time of lower bonuses for Goldman’s market operators and uncertainties over the future of prop trading activities within U.S. banks.
