WEST PALM BEACH, FL (HEDGECO.NET) – Dinakar Singh, veteran Goldman Sachs manager has announced his intention to depart from the firm to start his own hedge fund company. Singh was the head of thePrincipal Strategies Department at Goldman Sachs Group Inc.
Mr. Singh was responsible for running a $10 billion portfolio at Goldman Sachs, and was among the most highly paid employees at the firm, having spent a long career there.
Recently, another Goldman Sachs manager, Eric Mindich, left the firm to launch what has been described as the largest hedge fund launch of 2004. His new hedge fund called, Eton Park, raised seed capital in the billions. Mindich�s hedge fund will be available for trading in the fall of 2004, according to released reports.
This is a continuation of the trend in which traditional money managers have continuously moved over to the arena of hedge fund management. Goldman Sachs and Morgan Stanley have lost many of their managers, who quit to begin managing their own hedge funds. Hedge fund management has proved very profitable to such managers, and the trend is still continuing, as hedge fund management assets have reached the $1 trillion mark.
The departure of Mindich and Singh is a blow to Goldman Sachs, however both companies have significant talents to fill such gaps. According to news reports, the 35 year-old Singh is aiming to raise trading capital in the billions, and hopes to partner with an unnamed private equity firm. No other details have been provided about Singh�s hedge fund company. Goldman Sachs declined to comment.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
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