Goldman Sachs Principal Funding & Investments (PFI)

Does anyone have any info on this group? Has anyone interviewed with them?

Apparently the former group head ran the structured credit prop desk at Merrill; now running his own hedge fund (Prosiris Capital).

http://www.bloomberg.com/news/2011-05-25/ex-goldm…

http://www.efinancialnews.com/story/2011-05-26/in…

Have done a search but can only find discussions about SSG, GSPS/GSIP etc. How profitable are these guys compared to the other Securities Investing groups?

 

Don't know much about group strategy but I can confirm they are very much active. Run out of NY with partners based in london & HK. Supposedly most profitable group at GS. In 2008, they got AIG to insure the full value of low risk MBS they bought from ML at discounted prices. Made a killing when the crisis hit. I'm under the impression they still run very simillary to they ran pre-crisis of course in line with regulations.

 

Principal funding & investment is a VERY profitable group at GS. The group was behind some of the biggest proprietary positions that made GS a fortune in 2008 through the insurance swaps with AIG. They are still killing it, afaik. It's run by Ram Sundaram who was made partner in 2008.

"[Former AIG executive Alan] Frost cut many of his deals with two Goldman traders, Jonathan Egol and Ram Sundaram, who had negative views of the housing market. They had made A.I.G. a central part of some of their trading strategies."

For anyone interested I would recommend flipping through 'Fatal Risk: A Cautionary Tale of AIG's Corporate Suicide', which talks about Ram and how he built out the desk at GS in one of the chapters.

 

According to Ganesh Ramani's Linkedin profile, he is in Hong Kong... I guess the obvious question to ask would be how hard is it to land a gig with any of the securities investing groups in London? Seeing how everything in Europe is very structured (from a recruitment standpoint), I can't imagine them running dedicated programs for ESSG, PFI, GSRG, PSI, or any other prop/principal desks. Afaik, SA's only rotate on flow desks anyways through the Securities internship.

My guess is a majority are internal hires?

 

Not sure about London but in NYC there are two different programs for SA's:

The Securities Rotational Program in which SA's rotate through different "flow" desks; although some people in the last few years have rotated through PFI and PSI. And,

The Securities Placed Program which typically (depending on the desk) places 0-3 SA's on one of the traditional investing desks (think SSG, GSRG, GCPI, etc.) for the entire summer.

Recruiting for each of these programs is separate and when these groups do take on SA's it's usually because they're hiring so the conversion rates are relatively pretty high. I would imagine that London has a similar process.

 

Hey guys I have an interview with the PFI desk at GS in a few days. I did some internet searches and came across this, its pretty useful. Can anyone link me up with some articles or any other information on PFI, and provide tips with what to expect? Many Thanks!

 

Hey guys, I also have an interview with GS PFI and just came across this page. Would be very grateful if someone could pm me or provide some more information here. Thank you.

 

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