Goldman Sachs to relocate London hedge fund to New York

An internal hedge fund at Goldman Sachs is shutting up shop in London and relocating to New York, but the investment says the decision is unrelated to Britain's exit from the European Union.

Eight members of staff from Goldman Sachs Investment Partners fund will be moved from their positions in London as a result of the relocation.

It follows the announcement last year that managing director of the team Nick Advani would be stepping down from the position.

The GSIP is part of Goldman Sachs Asset Management, which supervises over $1.15trn in assets for its clients.

"This is a discrete decision for reasons specific to GSIP, one investment team within Goldman Sachs, and shouldn't be construed as anything but that," a statement from the company read.

There has been widespread speculation that several financial institutions are considering moving operations out of the City, with possible European destinations including Frankfurt, Paris and Dublin.

HSBC and UBS, two of the largest investment banks operating in London, have both said that thousands of jobs could be moved to mainland Europe when Britain eventually leaves the bloc.

HSBC chief executive Stuart Gulliver confirmed in January that 1,000 bankers would be moving to Paris, just one day after Theresa May confirmed that the UK would be leaving the single market.