Goldman Sachs’ latest crop of partners is another confirmation that the bank, like its counterparts, has Asia on its mind.A noticeable portion of the new promotions are based in China, Hong Kong, Japan and India – 26% to be exact – or they cover those markets from New York.
Obviously it’s no secret that Goldman is looking to expand its business in the region.
The firm conducted image studies in China; has doubled the size of its financial institutions group in Asia; and a tipster tells us there’s been talk within the bank’s West Street offices that Dodd-Frank’d prop traders could end up across the Pacific (in addition to Morgan Sze, who was already based in Hong Kong, and was named as global head of the equities prop trading group, Principle Strategies, in March).
Still, this latest selection of freshmen partners is probably the best indication yet that the bank is not just looking toward Asia, it is pleased – very pleased – with those already making it happen.
Like Jasper Tans, who heads Goldman’s Japan financing group, which in September “captur[ed] a record share of Japan’s equity underwriting market.” Stefan Bollinger was relocated this year to head up the Pan-Asian private investor product group business, and Christopher Keogh, a China portfolio strategist, transferred from Beijing to coordinate client activity in Japan, South Korea and China.
And the firm not only rewarded employees that work in Asia, but promoted people who are covering the market from New York or Europe.
New partner Dermot McDonogh, for example, is the international Controller for the bank, and is responsible for both European and Asian financial control, but is based in London. Goldman wouldn’t confirm where Alison Bott is based, but she is the Head of HCM Asia and EMEA and we suspect she does this from New York. Christopher Eoyang is a China portfolio strategist based in Houston.
Goldman’s more concerted focus on the region can be explained easily.
In the past year, Asia has been home to the world’s five biggest IPOs by financial institutions.
That, coupled with a reported shortage of bankers who specialize in financial companies, explains why so many that work in that area or have expertise about it, need to be promoted: there’s probably about to be an influx of associates and analysts into the area, and they need to be managed – by someone.
In addition to those mentioned above, Asia-based new partners include –
In Hong Kong:
- Teresa Teague, responsible for Asian Financial Sponsors coverage; David Chou, who focuses on the China market
- Jonathan Penkin – is a director in the Asian Financing Group, where he specialises in equity capital markets transactions in Asia (except Japan)
- Jonathan Vanica, who’s part of the Asian Special Situations Group
- Dhruv Piplani, who must be one of youngest new additions at 29-years old, is an equity derivatives trader.
- Leland Lim
In China and Taiwan include:
- Ning Hong is based in Beijing
- Stephanie Hui is based in China
- Xing Zhang is based in China
- Chia-Lin Chang is based in Taiwan;
- Shin Horie, a co-director and machinery analyst in the research division (who said this about Japan’s economy)
- Kenro Tsutsumi is also based in Japan (Goldman refused to confirm to its shareholders if he is based in Tokyo).
There are also these people listed below, who cover Asia, but are based in unknown locations. The firm is tight-lipped about where its employees are located, for “security reasons” a spokesperson told us.
- Samuel Finkelstein is the head of emerging markets debt in Asset Management.
- Alan Zhang was just hired last year to be the bank’s Head of China Securities
- Eugene Leouzon is the chief underwriting officer for Europe and Asia
- Raghav Maliah is co-head of Asian Tech, Media and Telecom coverage
- Kelvin Koh and his team were named the best Asian oil and gas analysts.
And there are most likely more Partners with Asia specialties.