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Goldman mulls private equity spinoff - report

* Discussions prompted by reform legislation-Fox Business

* Goldman not available for comment

NEW YORK, Aug 3 (Reuters) - Goldman Sachs Group Inc GS.N executives are weighing spinning off at least a part of the bank's private equity business following financial reform legislation, Fox Business reported on Tuesday.

The discussions were prompted by concerns about the Volcker rule, which restricts the amount of ownership banks can have in buyout or hedge funds, the report said, citing a Wall Street investment banker with direct knowledge of the matter.

The report also cited unnamed Goldman executives as saying nothing was imminent as they believe under the Volcker rule the firm will have five to seven years for such a move.

Goldman was not immediately available for a comment. (Reporting by Paritosh Bansal; editing by John Wallace)