Launches & Closures

Goldman’s Sze said to be raising external capital for hedge fund

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The next round of large Asian hedge fund managers will no doubt come out of the bank prop desks, following the recent passage of the Dodd-Frank Act in the US that will limit large investment banks from running internal proprietary trading desks. Leading the pack is Goldman Sachs Principal Strategies group, led by Hong Kong-based Morgan Sze, which is said to be looking at raising external capital for a hedge fund.

Plans under consideration may see the unit, which makes prop desk trades with the bank’s own money, moved to Goldman’s asset management arm by year-end, with fundraising