Key Takeaways
- • Manuel Garcia, a Goldman Sachs managing director who spent over 14 years at the bank and was promoted to MD in the class of 2012, has left Goldman to join former colleagues at Gladwyne Investments, a credit-focused hedge fund with a bias toward distressed debt.
- • Garcia signed on as a partner at Gladwyne earlier in November 2014, after officially leaving Goldman the prior week, according to eFinancialCareers.
- • Gladwyne, founded in 2009 by former Goldman managing director Barend Pennings, employs five people in FCA-registered roles and paid its four members an average of £861.4k in the 12 months to March 2014, up from £173k in 2013, per Companies House accounts.
- • Operating profits rose to £3.3m in the period, up from £492.4k in 2013, and the highest-paid member received £2.83m.
- • The move is part of a broader pattern of Goldman traders and executives departing for hedge funds in 2014, including Mitesh Parikh and Nick Bhuta.
Summary
Manuel Garcia, a managing director at Goldman Sachs, has left the bank to join former colleagues at Gladwyne Investments, a distressed-debt-focused hedge fund, according to eFinancialCareers. Garcia officially departed Goldman the week before he signed on as a partner at Gladwyne earlier in November 2014. He spent more than 14 years at Goldman, became a managing director in the class of 2012, and holds an AB in Economics from Harvard University.
Gladwyne was set up in 2009 by former Goldman Sachs managing director Barend Pennings and describes itself as a credit-focused fund with a bias toward distressed debt opportunities. Despite employing only five people in FCA-registered roles, the firm has attracted several former Goldman alumni. Edouard Dupont, its COO, worked in operations at the bank until 2006 before moving to Lehman Brothers. Sandro Patti joined as an investment analyst from Goldman at the fund's inception and is now a partner. Yann Vincent-Genod joined as a member in May 2014 after starting his career at Goldman in 2007.
According to accounts filed at Companies House, Gladwyne paid its four members an average of £861.4k in the 12 months to the end of March 2014, compared with £173k in 2013. The highest-paid member received £2.83m. The payouts followed a year in which operating profits increased to £3.3m from £492.4k in 2013. The firm also has five staff in administrative roles, who were paid a combined £495.7k.
The Gladwyne hire comes amid a wider trend of Goldman personnel moving to hedge funds. Mitesh Parikh, the bank's former head of European spot FX trading, left for the buy side after 12 years at Goldman, and earlier in 2014 Nick Bhuta, head of euro-governments bond trading, departed for Tudor Capital.
Gladwyne was set up in 2009 by former Goldman Sachs managing director Barend Pennings and describes itself as a credit-focused fund with a bias toward distressed debt opportunities. Despite employing only five people in FCA-registered roles, the firm has attracted several former Goldman alumni. Edouard Dupont, its COO, worked in operations at the bank until 2006 before moving to Lehman Brothers. Sandro Patti joined as an investment analyst from Goldman at the fund's inception and is now a partner. Yann Vincent-Genod joined as a member in May 2014 after starting his career at Goldman in 2007.
According to accounts filed at Companies House, Gladwyne paid its four members an average of £861.4k in the 12 months to the end of March 2014, compared with £173k in 2013. The highest-paid member received £2.83m. The payouts followed a year in which operating profits increased to £3.3m from £492.4k in 2013. The firm also has five staff in administrative roles, who were paid a combined £495.7k.
The Gladwyne hire comes amid a wider trend of Goldman personnel moving to hedge funds. Mitesh Parikh, the bank's former head of European spot FX trading, left for the buy side after 12 years at Goldman, and earlier in 2014 Nick Bhuta, head of euro-governments bond trading, departed for Tudor Capital.
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