Goldman Sachs Group has decided to close two hedge funds operated by senior executives based in Asia, Bloomberg reported citing people familiar with the development.
The sources told the publication that the funds, which managed around $1.4bn, were run by Goldman Sachs partners Ryan Thall and Hideki Kinuhata.
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Both the partners Thall and Kinuhata used to make long-short equity bets globally.
Goldman Sachs spokesperson declined to comment on the development.
Operated by the Goldman Sachs Investment Partners division, the two hedge funds primarily comprises private equity or venture capital types of investments.
According to the report, the hedge funds will be shut due to the fluctuating demand of such products at a time when most of the investors are weighing alternative avenues to generate outsized returns.
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By GlobalDataThe sources also told Bloomberg that the Hong Kong-based Thall may start his own fund, while Tokyo-based Kinuhata is expected to retire from business.
Various other such hedge funds including the Asia-focused Oryza Capital fund, which managed nearly $478m, are already closed.
Last month, Goldman Sachs reported a net income of $2.35bn for the second quarter of 2018, a surge of 44% over the year ago period.
