Goldman Said to Shut London Equity Fund, Move Mahindru to NYC

Goldman Sachs Group Inc.’s Suneil Mahindru, head of international stock investing, is relocating to the U.S. from London after the firm decided to close a European-equities investment fund, according to a person with knowledge of the matter.

Mahindru, a managing director in the asset-management unit, and some people on his team will have desks on the division’s newly designed third floor at the bank’s New York headquarters, the person said. Some team members, who number fewer than 10, may stay in London, switch groups or leave the firm, the person said. Andrew Williams, a company spokesman, declined to comment.

Goldman Sachs is shuttering the Europe Equity Partners fund after it failed to attract enough assets, and other similar strategies proved more popular, said the person, who asked not to be identified because the moves haven’t been announced publicly. The fund managed 366 million euros ($395 million) of assets at the end of February, according to a performance summary. Counting money held in separately managed accounts, the strategy managed about 3 billion euros, the person said.

Mahindru manages about $13 billion in non-U.S. stocks, part of the $80 billion managed by the firm’s fundamental equities group. Goldman Sachs will continue to invest in European stocks through its Global Equity Partners fund, as well as the Europe CORE Equity Portfolio, which has a five-star rating from Morningstar.

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