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Did You Think the Volcker Rule Stopped Wall Street Banks from Owning Hedge Funds? Think Again.

Friday, August 31, 2018 7:34

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Did You Think the Volcker Rule Stopped Wall Street Banks from Owning Hedge Funds? Think Again.

By Pam Martens and Russ Martens: August 31, 2018 ~ On August 22 Bloomberg News reported that Goldman Sachs is shuttering two hedge funds run out of Asia with approximately $1.4 billion in total assets. Goldman Sachs isn’t shuttering the funds because the Volcker Rule restricts its ownership of hedge funds but because, according to the report, one Goldman partner running one fund is retiring and the other is starting his own fund. Yesterday, Bloomberg News reported that JPMorgan Chase’s asset management division is liquidating “a $1 billion credit hedge fund” known as the Palm Lane Credit Opportunities Fund. The article said that “JPMorgan didn’t give a reason for the decision and a spokeswoman for the fund declined to comment.” A filing by Palm Lane Credit Opportunities Fund on August 24 of this year at the SEC, shows the hedge fund registered offshore in the Cayman Islands, and says its first … Continue reading →

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Source: http://silveristhenew.com/2018/08/31/did-you-think-the-volcker-rule-stopped-wall-street-banks-from-owning-hedge-funds-think-again/

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