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November 8, 2005

More on Goldman's Revamping

By Nina Mehta

Goldman Sachs reorganized its equity trading operations. The broker recently made two significant changes to the way it conducts its business: it moved its proprietary desk and vested its sales traders with more responsibility. Duncan Niederaur, a Goldman exec, said at the recent ICI confab that the firm recently segregated what he described as its internal hedge fund from its institutional trading business. The decision stemmed from buyside concerns about potential conflicts of interest with the firm's prop trading business. The firm also overhauled the role of its

sales traders. That ensured that the person closest to the buyside trader was most responsible for how a trade is executed, Niederaur said.