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Goldman’s Biggest Hedgie Departs


Date: Friday, March 12, 2010
Author: Tiernan Ray, Barron's

Chris Dodd may be going it alone on financial reform, but some people are already smelling something in the air and making for the exits.

Goldman Sachs’s (GS) director of its largest hedge fund, Pierre-Henri Flamand, is leaving the bank to start a new fund on his own, Goldman confirmed to Dow Jones Newswires’s Jessica Papini this afternoon.

Flamand has been at Goldman for fifteen years. The New York Post reported back in 2006 that he was one of the “$100 million club,” top executives at Goldman receiving $100 million in annual bonus.

Senate Banking Committee chair Dodd (Dem., CT) said earlier today he’ll offer a banking reform bill on Monday, absent Republican support, The Wall Street Journal’s Damian Paletta reports. Banking regulation is expected to impose limits on large banks’ proprietary trading and hedge fund operations.