Report - Goldman loses seven of its prime brokers

Departure

Goldman Sachs, the largest prime broker in Asia, lost seven of its employees on the regional team this year, said a person with knowledge of the matter.

Bloomberg News reports that the departures include Alain Bordoni, a former managing director, and Mark Wittet, who was an executive director, said the person, who asked not to be identified as the information is private. Most of the jobs vacated have been filled with internal transfers and new hires, he added.

Goldman Sachs was ranked by trade journal Asia Hedge as the region’s largest prime broker, with an estimated 179 mandates and $24.6bn of assets as of April 2013. Global hedge-fund capital hit $2.7tril in March, the seventh consecutive quarterly record, according to Hedge Fund Research.

'Given the healthy state of the hedge-fund industry, the major service providers to hedge funds are likely facing a harder time competing for specialized talent, both versus rivals as well as versus hedge funds themselves', said Daniel Celeghin, Asia head at Casey Quirk & Associates, an adviser to asset managers.

To access the complete Bloomberg article hit the link below 

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