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Goldman’s Last Big Team of Prop Traders Exit for Funds

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 The Financial Times reports that Goldman Sachs’ last significant proprietary trading team to leave the firm due to the Volcker rule has already raised $300 million for a new fund to be launched in the second quarter of 2011.  

FT reports "The launch will mark the final big set of departures from GSPS, which at its peak traded as much as $11bn of Goldman’s own capital and was one of the bank’s most lucrative operations.

It has not been viable as an internal trading operation since new US regulations, known collectively as the Volcker rule, were passed last year. These prohibit banks risking their own capital in speculative trades."

More info follows at FT.com, http://bit.ly/fwfydz   
 

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