Goldman Sachs is shifting a London hedge fund team to New York

Hayley Kirton
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Goldman Sachs said the move was not linked to Brexit (Source: Getty)

A Goldman Sachs hedge fund currently based in London is closing its doors and shifting to New York, it has been reported.

According to the BBC, eight bankers working in the Goldman Sachs Investment Partners (GSIP) team are affected by the move. It is understood they have either been told their jobs are moving across the Atlantic or they have been given the opportunity to find another role in London.

The move follows the departure of Nick Advani, the team's managing director, who announced he was standing down from his role last year.

The decision is not thought to be linked to any wider Brexit planning.

"This is a discrete decision for reasons specific to GSIP, one investment team within Goldman Sachs, and shouldn’t be construed as anything but that," the Wall Street titan said in a statement.

Brexit planning

Last month it was reported Goldman was considering cutting as much as half its London workforce, or 3,000 jobs, after Brexit - with 1,000 expected to be moved to Frankfurt, while other key operations, including compliance, trading and investment banking expected to head to New York and Europe.

Meanwhile, chief executive Lloyd Blankfein told journalists at Davos New York will be the main beneficiary of Brexit.

"If we were operating our business to maximise our global potential, we were trying to get as much in the UK as we could," he said.

"So if a business needed to be done in the UK, it was always there. But if a business could be done in the UK we started to migrate it."

Jumping on the bandwagon

Blankfein wasn't the only banking boss to make that threat: earlier, HSBC chief Stuart Gulliver had said the lender was considering moving jobs accounting for 20 per cent of its revenue out of the UK, while the chairman of UBS, Axel Weber, had indicated the investment bank may move as many as 1,000 jobs if passporting rights are not approved.

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