August 1, 2021

Pierre-Henri Flamand is going to close his hedge fund!

Pierre-Henri Flamand leaves Goldman Sachs to launch his hedge fund!

For 15 years at Goldman Sachs, Pierre-Henri Flamand was appointed in 2008 in charge of the trading of the most prolific desk at Goldman Sachs …

It’s a small earthquake in the world of hedge funds. The ex boss of the Desk Principal Strategies of Goldman Sachs finally surrendered, and decided to close Edoma Partners LLP, the hedge fund he created in November 2010.

Relying on the efficient network of Goldman Sachs and on a flattering reputation at the head of one of the most prolific units in the history of the bank, he had then achieved the feat of raising $ 2 billion in a most difficult context for young fund creators.

However, the fund’s performance never managed to take off. At the end of August 2012, the fund was showing a loss of 6.9 percent since November 2010, when it was launched. Nothing catastrophic in itself, but more than enough to scare away investors, who for several months had started to withdraw their money massively.

It is very disappointing for everyone. Given the unprecedented market conditions, we have found the most responsible attitude to be to reimburse investors’ money and to cease all investing activity.

Pierre-Henri Flamand

“It’s very disappointing for everyone. Considering the unprecedented market conditions, we considered that the most responsible attitude was to reimburse investors’ money and to cease all investment activity, ”Pierre-Henri Flamand said in a press release last Thursday at the attention from investors.

The decision seems logical, the fund’s assets had thus gone from $ 2 billion to $ 850 million, forcing Pierre-Henri Flamand to start a cost hunt and pushing towards the departure, last month, two partners of Edoma, Oliver Haslam and Casper Lund. Olivier Haslam previously worked at Ken Griffin Citadel LLC and Paul Singer Elliot Management Corp, while Lund was employed at Goldman Sachs and Morgan Stanley.

Ali Hedayat, Emmanuel Niogret and Evan Pearce, three alumni of the desk Principal Strategies who joined Flamand when the fund was created, are still at his side.

The fund should officially close shop within 3 to 4 months, while all the current transactions are unwound and all the assets still under management are distributed among the investors.