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Goldman Employees to Pull $350 Million From Och-Ziff Fund

  • Bank to liquidate multi-strategy fund in its retirement plan
  • Setback for Och as clients pull assets, U.S. probe continues
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Goldman Said to Pull Retirement Cash From Och-Ziff Fund

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Goldman Sachs Group Inc.’s retirement plan is pulling cash from one of the investment bank’s most famous alumni, liquidating a hedge fund run by Daniel Och’s Och-Ziff Capital Management Group. Och-Ziff shares fell.

Almost all of the multi-strategy fund that Och-Ziff manages for Goldman employees will liquidate by Sept. 1, according to an investor letter obtained by Bloomberg. The fund holds about $350 million, a person familiar with the matter said.