Given that being a proprietary trader at Goldman Sachs is tantamount to being He-Man and all the Masters of the Universe, you would have thought that life post-Goldman prop trading involved yachts and private beaches. Apparently not. In an article today, Bloomberg claims not only that Goldman Sachs is still engaged in proprietary trading, but that its ex-prop traders lead quite parochial lives.
Somewhere deep inside Goldman’s Manhattan HQ, there exists a 12 man team called ‘Multi-Strategy Investing’ (MSI), says Bloomberg. This is allegedly a team of prop traders in all but name – the Volcker Rule bans banks from engaging in prop trading when it involves short term bets, but it doesn’t prevent long term ‘investments.’ MSI engages in long term investing as a result.
MSI is led by Daniel Oneglia and Geoff Adamson, both Princeton University alumni, and a former eating club member and rowing cox respectively. Oneglia and Adamson may lead glamourous lives, but the same cannot be said for MSI’s ex-employees. Bloomberg spoke to Ryan Frankel, a 29 year old who worked in MSI until 2008 and is now in charge of a translation company, and to Ashkan Marsh, a 30 year old who also left the unit in 2008 and is now completing an MBA at Harvard. Neither appears to have made enough money at Goldman to retire with a large boat.
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