Fund launches & closures

GS star Flamand's plan heralds rush of bank spin-outs

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Leading banks are battling to land the prime brokerage mandates for what looks like being one of the largest prop trading/hedge fund spin-outs in London for several years.

Pierre-Henri Flamand, the head of the highly profitable Goldman Sachs Principal Strategies group, has gone live with plans to set up his own hedge fund in London.

The move could be the first of many big spin-offs by top prop traders and internal hedge fund managers at banks ahead of proposed new regulatory moves - spearheaded by the so-called Volcker rule in the US, initiated by ex-Fed chairman Paul Volcker - to