Goldman Sachs Group (NYSE: GS) co-head of its largest internal hedge fund, Ali Hedayat, has left the company, the second major departure from the unit in less than a month, according to a new report from Business Week.
Mr. Hedayat’s departure from Goldman Sachs follows Pierre Henri Flamand, who left the company in March. Mr. Flamand ran the Goldman Sachs Principal Strategies division from London.
According to the Business Week report, Goldman Sachs generates about 10% of its revenue from proprietary trading, or bets that the company makes with its own money. The company’s principal strategy division, which seeks to profit from discrepancies in relative values of financial instruments, saw significant losses in 2008 but gained 7% in 2009.
Mr. Hedayat graduated from McGill University of Montreal in 1996 with a double major in finance and economics. He joined Goldman Sachs in 1997 as a financial analyst covering Latin American markets. Hedayat joined the company’s principal strategies group in 200 and moved to the company’s London office in 2002, before rejoining the New York office in 2007.
Mr. Flamand is starting his own hedge fund and an London-based Goldman Sachs executive said that the company is supportive of Flamand’s plan.
