Goldman SachsGroup Inc.'s retirement plan has decided to withdraw its $300million of investments managed by Omega Advisors Inc. after the SEC charged Leon Cooperman with insider trading, BloombergNews reported, citing a company memo.
The majority of the funds will be liquidated by Oct. 31, thenews outlet reported, citing a "person with knowledge of the situation."
Goldman Sachs' 401(k) plan decided to about $350 million from Och-ZiffCapital Management Group in August after it was revealed that the U.Sauthorities were investigating a unit of Och-Ziff over alleged bribery inAfrica. Och-Ziffsubsequently reached a settlement with the authorities.
With Goldman Sachs exiting Omega Advisors and Och-Ziff,Maverick Capital Ltd.is the only external hedge fund manager left for the company's 401(k)participants, the news outlet reported.