Goldman looks to Asia for its new partners
By James Quinn, Business Correspondent
Last Updated: 12:30am BST 26/10/2006
The Goldman Sachs building
in Fleet Street, London
The investment bank has appointed 115 new people to its lucrative partnership pool.
High-profile new partners in the region include the bank's chief Asia-Pacific strategist Timothy Moe, who is based in Hong Kong; Tim Leissner, who has led Asian investment banking services outside Japan since 2004, and Daisuke Toki, who is president of asset management in Japan.
Other new Asian-based partners include David Atkinson, who leads the banks financial institutional research in Japan, and Kunihiko Shiohara, the bank's high-profile automotive analyst in Japan.
A spokesman for Goldman Sachs declined to comment on the reasons behind the Asian push, but it is well known that the bank is intent on expanding on its already significant presence in the region.
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The renewed focus on Asia comes after it expanded its offices in Beijing and Shanghai earlier this year.
It also comes after a change of leadership in Singapore and switches in Hong Kong, meaning that the bank now has what it perceives to be a very senior team in the region.
The decisions on who joins the high-profile partnership "club" is made by the bank's senior management team, led by the chairman Lloyd Blankfein, through a series of extensive discussions until a consensus is reached.
The 115 new partners were informed of the decision throughout the day yesterday, with a formal announcement expected today. New partners are given an immediate pay rise, enter the partnership pool which is this year likely to pay bonuses of at least £5m each, and can invest in the bank's proprietary deals. |
