A senior member of Goldman Sachs' internal hedge fund quit for Pictet

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Leaving GSIP

ZhongWen Lee, a senior member of Goldman Sachs Investment Partners (GSIP), an internal multidisciplinary hedge fun within the bank, quit the firm earlier in February to join Pictet Asset Management.

Lee's moved back to London from New York to take the new role as senior investment manager at Pictet. He served as the co-head of healthcare division at GSIP for the last six and a half years and was initially based in London, but moved to New York last year after Goldman shut down the London operations of the internal hedge fund.

GSIP was launched in November 2008 with the total assets of $7bn. Although it was one of the largest hedge fund launches at that time, GSIP's performance turned out to be patchy. Reuters reported in February that GSIP’s Global Long Short Partners Offshore fund posted losses of 8.2 percent in the year to end-September in 2016 after small gains of 1.5 percent in 2015.The hedge fun's assets fell in 2014 after Goldman pulled out $2.8 billion to comply with the U.S. Dodd-Frank financial reform law and the Volcker rule, which restricted banks’ proprietary trading by limiting their investments in hedge and private equity funds.

Early last year, about eight London-based employees were told to move to Goldman’s global headquarters in Manhattan, or find a new job internally following the closure of its London's operation. It seems Lee was one of those who shifted to New York.

A graduate of Nanyang Technological University in Singapore, Lee started his career at Lazard as an investment banking analyst in 2008 where he had interned a year earlier while studying. In 2010, he joined AnaCap Financial Partners but moved to Goldman Sachs a year later.

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