Goldman Traders To Start Hedge Fund (GS)

According to Reuters, the last large proprietary trading team at Goldman Sachs GS plans to leave and start an independent hedge fund based out of London. The team received a $300 million investment from another hedge fund, Brummer & Partners. Many Wall Street banks have been phasing out their proprietary trading desks as the “Volcker Rule” regulates the extent to which banks can bet with its capital.