The 39 year-old has managed the firmâs largest internal hedge fund for three years and worked with the financial institution for a total of 15.
Under Mr Flamandâs management, the fund managed $7 billion during 2008 and contributed towards the organisation recording a seven per cent increase in equity revenues to reach $9.89 billion the following year.
Jerome Lussan, chief executive officer of Laven Partners, told Bloomberg that the size of salary could have influenced Mr Flamand's decision to leave.
âGoldman Sachs is the best money-making machine in the world but compensation is subject to public policy - if you go private itâs your own business,â he said.
In a recent filing, Goldman Sachs explained that the financial âresults in principal strategies were positive compared with losses in 2008â.
2009 was an âenvironment characterised by a significant increase in global equity prices, favourable market opportunities and a significant decline in volatility levelsâ, the bank stated.
The financial service provider has confirmed the news of Mr Flamandâs decision and voiced its support for the move.
By Jim Ottewill