Until recently, the best trading jobs at Goldman Sachs London were arguably those in Goldman Sachs Investment Partners (GSIP), the firm's internal hedge fund. It's unfortunate then that GSIP's London team was closed earlier this year and eight of its employees were told to move to New York or find new jobs internally. One seems to have decided to go somewhere else instead.
Paul Carroll, a GSIP trader for over eight years, hasn't moved to a big hedge fund. Nor has he moved to another bank. Instead, he's gone for an obscure-ish trading firm in the theatre district of London's West End.
Carroll left GSIP in December and has just turned up at Tourmaline Partners, a "worker-owned" institutional derivatives and equities trading house based in Stamford Connecticut but with an office in West London. Tourmaline's European business is headed by Andrew Walton, who formerly worked for BTIG, another trading house. Like Carroll, Walton joined in December (suggesting Tourmaline might be hiring).
Tourmaline describes itself as an "outsourced trading venue" and counts hedge funds, family offices and asset managers among its clients. It has around five traders in the UK, but none but Carroll are from a major U.S. bank like Goldman.
Carroll's move could be read as a sign of the difficulty in finding a new hedge fund job nowadays. The big question now is what happens to oher GSIP team members, including the fund's London trading head, Tony Ives. For the moment, Ives still seems to be at Goldman in London, although it's not clear what his role is. GSIP is now run by Raanan Agus and Kenneth Eberts, both of whom are based in New York.