Feb. 6 (Bloomberg) -- Daniel A. Dreyfus and Paul W. Margiotta are leaving the Goldman Sachs Investment Partners hedge-fund unit that was established to allow clients to invest with some of the firm’s top proprietary traders.
Dreyfus, 37, a managing director who ran investments in natural resources, left last month, according to a person familiar with the matter who declined to be identified because the information isn’t public. Margiotta, 41, a vice president who specialized in credit, will leave the New York-based company later this month, the person said.
Goldman Sachs Group Inc., the fifth-biggest U.S. bank by assets, started GSIP in early 2008 with traders from the firm’s principal strategies group under the leadership of Raanan Agus and Kenneth Eberts. The business is part of Goldman Sachs Asset Management, the division that supervises investments for customers, although GSIP was initially funded with some of the firm’s own money.
The bank has been redeeming its investments in hedge funds over the last couple of years to help it comply with the so-called Volcker rule, which limits banks’ investments in such vehicles. In the nine months ended in September, Goldman Sachs reclaimed about $800 million from hedge funds and still had investments with a fair value of $2.45 billion, according to a quarterly filing.
Dreyfus joined Goldman Sachs in 2000, and Margiotta joined in March 2008, having previously worked at the firm from 2003 to 2006, according to records filed with the Financial Industry Regulatory Authority.
David Wells, a spokesman for the company, declined to comment. An e-mail to Dreyfus’s Goldman Sachs address bounced back, saying the mailbox is full. Margiotta didn’t reply to an e-mail and phone message seeking comment.
Agus, global co-head of GSIP, will also take responsibility for a credit investment unit called Liberty Harbor after Chief Investment Officer Gregg Felton quit last week after six years in the role.
Jim O’Neill, a London-based economist who had served as Goldman Sachs Asset Management’s chairman since 2010, is retiring later this year, the firm said yesterday.
To contact the editor responsible for this story: David Scheer at email@example.com.