Goldman Sachs Axes Two Hedge Funds, BNP Launches UK Broking

In the meantime, Credit Suisse has fired two people after a sexual harassment investigation

Goldman Sachs is in the process of closing two Asian hedge funds. The company is taking the step after lackluster performance in the first half of the year. The total amount of funds under management at the funds amounts to about $1.4 billion.

According to a report by the Financial Times, two Tokyo and Hong Kong-based managers are going to leave after covering some market exposure for Goldman’s units. The Hong-Kong based manager is Ryan Thall, while his Tokyo peer is Hideki Kinuhata.

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The funds have been betting on regional equities but also have some private equity exposure. The closures will affect only Goldman’s exposure in public companies.

A source with knowledge of the matter shared with the FT that Thall is preparing to launch his own venture, while Kinuhata is preparing to retire.

BNP Paribas Makes Pre-Brexit Commitment to London

In the meantime, BNP Paribas has hired two former Credit Suisse executives to launch a new corporate broking team in London. The French bank’s commitment to establishing the unit serves as a pre-Brexit reassurance that business opportunities in the UK will be retained.

The duo joining BNP’s team are Lewis Burnett and Andrew Forrester. They have been appointed co-heads of the UK corporate broking unit. The company intends to commit additional resources to the team as the effort unfolds.

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Before joining the French bank, Forrester was the head of Credit Suisse’s UK advisory business. He is starting in September while Burnett will follow at some point in the fourth quarter. The pair will be reporting to BNP’s Head of Equity Capital Markets, Andreas Bernstorff.

BNP is committed to becoming one of the top three investment banks in Europe. The company has been executing a strategic effort to boost its profile over the past several years.

The changes were revealed by the bank in a staff memo.

Credit Suisse Dismissed Execs over Sexual Harassment

While BNP Paribas was poaching talent from Credit Suisse, the Swiss giant has concluded an investigation into the conduct of two of its executives. The outcome resulted in their dismissal.

The news was reported first by the FT. The sexual harassment investigation was triggered in the aftermath of the growing popularity of the #metoo movement. Last month, Credit Suisse created a new role at the bank to investigate similar complaints.

One senior banker was terminated outright for sexual harassment. The other’s career at Credit Suisse ended after he tried to cover the tracks of the senior executive. The victim in the case left the bank in January.

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