A method for separating a water soluble Group VIII noble metal catalyst from the crude reaction product of a noble metal-catalyzed hydroformylation reaction run in aqueous solution, in an aqueous emulsion or as an aqueous suspension, the crude reaction product including an aqueous phase containing a water soluble Group VIII noble metal-ligand complex catalyst, and an organic phase containing unreacted olefin feed and an organic hydroformylation reaction product, which comprises: (a) contacting the crude reaction product with a hydrophobic membrane capable of allowing a substantial portion of the unreacted olefin feed and the organic hydroformylation reaction product to pass therethrough while retaining a substantial portion of the water soluble Group VIII noble metal-ligand complex catalyst; (b) removing unreacted olefin feed and organic hydroformylation reaction product which passes through the hydrophobic membrane as permeate; and (c) retaining the water soluble Group VIII noble metal-ligand complex catalyst as retentate.