The Goldman Sachs Investment Partners (GSIP) hedge fund - one of the largest-ever hedge fund launches in history - is closing its London operations and shifting staff members to New York. About 8 staffers who made up the team were told to move to Goldman's NYC headquarters in Battery Park City or find a new job internally.

The move was triggered by the departure of managing director Nick Advani, who stepped down as head of the hedge fund and assumed an advisory director role at Goldman. Raluca Ragab, who succeeded Advani, will leave Goldman once the move is complete.

The multi-strategy hedge fund GSIP launched in November 2008 with $7 billion in assets, making it one of the largest hedge fund launches at the time. GSIP, run globally by co-heads Raanan Agus and Kenneth Eberts, sits within Goldman's asset management division. But assets fell in 2014 after Goldman pulled out $2.8 billion in response to the the Volcker Rule (which restricted banks' proprietary trading). The fund now manages around $3.5 billion.