Ex-Goldman Sachs Hedge Funds

Ex-Goldman Sachs Hedge Funds

Ex-Goldman Sachs Traders Expect to Raise $1.5 Billion

Goldman Sachs emerged from the financial crisis as one of the few victors, with a quick recovery and impressive profits in 2009. Now, former Goldman Sachs executives have had no trouble raising funds for their new hedge funds after departing the highly successful investment bank. According to Bloomberg, Eric Mandelblatt expects to have raised at least $500,000 when Soroban Capital Partners starts trading next month. His former coworkers Mark Carhart and Pierre-Henri Flamand each expect to raise as much for their hedge funds.
At least two other managers, Mark Carhart and Pierre-Henri Flamand, are slated to open in coming months with half a billion dollars or more each, said the people, who asked not to be named because the firms are private. Helping all three traders pull in at least 10 times more than most hedge-fund startups this year may be one line on their resumes: Goldman Sachs Group Inc.

“It’s an incredibly difficult environment,” said Emma Sugarman, head of the U.S. capital introductions group at BNP Paribas SA in New York, which helps hedge funds meet investors. “There does, however, seem to be an appetite for people who have a certain pedigree.”

The $1.6 trillion hedge-fund industry attracted a net $23.3 billion in the first half, a pace that would make 2010 the third-worst year for deposits into the private investment pools since 2001, according to Chicago-based Hedge Fund Research Inc. Most new funds are raising $30 million to $50 million, according to bankers who work with startups. Source

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