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Tag: Goldman

  • Citi Strengthens Healthcare Investment Banking with Former Goldman Sachs Executive in Australasia

    Citi Strengthens Healthcare Investment Banking with Former Goldman Sachs Executive in Australasia

    Ben Bartholomaeus, a former executive at Goldman Sachs, has been appointed by Citi as the Head of Healthcare for Australia and New Zealand within their Capital Markets and Advisory team. This key role will see Bartholomaeus drawing upon Citi’s global reach, industry knowledge, and execution proficiency to the benefit of its healthcare clientele in the Australasian region.

    Base of Operations

    Bartholomaeus will operate out of Sydney and report to Philippe Perzi and Ben Connolly, the co-heads of Capital Markets and Advisory for Australia and New Zealand. Additionally, he will report to Ling Zhang, the Head of Healthcare for the Asia Pacific region.

    Prior to this appointment, Bartholomaeus held the position of Head of Healthcare in the Corporate Advisory Division for Australia and New Zealand at Goldman Sachs.

    A Market Leader

    Citi has an established reputation as a leading force in healthcare investment banking. It has retained its top position as a global advisor for mergers and acquisitions within the healthcare sector from 2024 through 2026 year-to-date. During this period, Citi has led major transactions for clients in various healthcare sectors including biopharma, medtech, and life science tools and diagnostics.

    Questions & Answers

    Who has Citi appointed as the new Head of Healthcare for Australia and New Zealand?
    – Citi appointed Ben Bartholomaeus, a former Goldman Sachs executive, as the Head of Healthcare for Australia and New Zealand.

    What role will Bartholomaeus be playing at Citi?
    – Bartholomaeus will be responsible for bringing Citi’s global connectivity, sector insights, and execution expertise to healthcare clients in the Australasian region.

    What is Citi’s standing in healthcare investment banking?
    – Citi is a leader in healthcare investment banking. It has consistently secured the top rank as a global advisor for mergers and acquisitions in the healthcare sector from 2024 through 2026 year-to-date.

  • Goldman Forms Onshore Wealth Presence in Saudi Arabia

    Goldman Forms Onshore Wealth Presence in Saudi Arabia

    Goldman Sachs, headquartered in New York, is extending its international presence with the establishment of an onshore wealth management operation in Saudi Arabia.

    The banking giant is initiating an onshore private wealth management presence in Riyadh, Saudi Arabia, as per a recent announcement. To bolster this expansion, Goldman Sachs has appointed Yousef Alhozaimy and Khalid Soufi as private wealth advisors. The advisors will be based in Riyadh, and there is an active search to recruit more advisors and fill other roles.

    The One Bank Approach

    The American bank plans to utilize its “One Goldman Sachs” approach to serve its clients in Saudi Arabia holistically. This method capitalizes on the broad capabilities of the group, in cooperation with asset management, global banking, and markets colleagues.

    Rob Mullane, the co-head of private wealth management for EMEA at Goldman Sachs, expressed his delight over the expansion. He noted the dynamic nature of the Saudi Arabian economy and the sophistication of its investor base.

    He elaborated, “Our goal is to offer regional clients access to Goldman Sachs’ premier Private Wealth Management business. This will open up local and global investment opportunities and contribute to the local financial industry.”

    Questions & Answers

    What is Goldman Sachs’ latest expansion move?

    Goldman Sachs is establishing an onshore private wealth management business in Riyadh, Saudi Arabia.

    Who are the appointed advisors for the new Saudi Arabian operation?

    Yousef Alhozaimy and Khalid Soufi have been appointed as private wealth advisors for the Riyadh-based operation.

    What is the aim of this expansion according to the EMEA co-head of private wealth management at Goldman Sachs?

    Rob Mullane stated that the aim is to provide regional clients with access to Goldman Sachs’ leading Private Wealth Management business, thereby creating local and global investment opportunities and contributing to the local financial industry.

  • Goldman Sachs Names Leaders for Newly Merged Units

    Goldman Sachs Names Leaders for Newly Merged Units

    Goldman Sachs has named the leadership for its newly consolidated global business which has been divided into three core units.

    Goldman Sachs appoints Marc Nachmann as head of asset and wealth management, Ashok Varadhan, Dan Dees and Jim Esposito as global co-heads of global banking and markets, and Stephanie Cohen as head of platform solutions.

    Earlier this week, reports indicated that Goldman would unveil a newly consolidated structure that would combine asset and wealth management into one division as well as investment banking and trading into another one. The third division oversees transaction banking alongside Goldman’s portfolio of fintech platforms.

    In its latest third-quarter results, the bank registered a 44 percent drop in profits and underlined plans to pull back on some of its consumer banking ambitions, with investments such as Marcus and fintech lender GreenSky which have been structured under the expanded wealth unit and the platform solutions unit, respectively.

    We are making it clear that we’re pulling back on some of that now,” said Goldman Sachs chief executive David Solomon during an analyst briefing. I think one of the big learnings over the last few years is that we’re better to play to our strengths.

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  • UBS Loses Out to Goldman Sachs for NNIP

    UBS Loses Out to Goldman Sachs for NNIP

    Goldman Sachs has bought a Dutch asset manager for which UBS was one of the other bidders as the European sector looks to consolidate.

    U.S. investment bank Goldman Sachs is buying Dutch insurer NN’s asset management business, the companies announced Thursday. European bidders lost out to Goldman Sachs, including Switzerland’s largest bank, UBS.

    Goldman will pay around 1.6 billion euros ($1.9 billion) for NN Investment Partners. The around $355 billion in assets the unit manages will now be added to the $2.3 trillion already managed by the U.S. bank’s fund arm.

    UBS, whose own asset management unit still has not gained the critical mass necessary to be a forerunner in the industry is not only on the lookout for takeover targets but also might be interested in a possible bid for the business.

    Since both Deutsche Bank’s fund unit DWS and UBS both missed out on NN IP, this could fuel speculation about a rapprochement after preliminary talks between the two failed in 2019.

    Credit Suisse Asset Management, which was badly shaken by the closure of its supply chain funds after the collapse of Greensill Capital, is also considered a takeover candidate.

    There is widespread talk of a merger with UBS asset management or DWS joining the two of them. However, Credit Suisse’s chairman, António Horta Osório, intends to take his time mulling major strategic moves until at least the autumn.

    At the end of June, UBS Asset Management had invested assets of $1.2 trillion and CSAM had 471 billion Swiss francs ($519 billion) in client assets under management.

    Even after the Dutch acquisition, Goldman still has plenty of money and is interested in further acquisitions.

    Goldman Sachs CEO David Solomon said the bank would certainly take a serious look at further acquisitions in asset management, if they could accelerate its growth.

    The asset management industry continues to consolidate, he added. If you look at most of the leading players, the thing that most of them have is their businesses are global and at scale.

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  • Goldman Sachs Joins Crypto Wealth Wave

    Goldman Sachs Joins Crypto Wealth Wave

    Goldman Sachs is the latest to join the wave of global financial institutions seeking a share in the rapidly growing cryptocurrency market.

    Goldman Sachs plans to offer investments in bitcoin and other digital assets to its wealth clients, according to a report, starting from the second quarter.

    The planned offering could include physical bitcoin, derivatives and traditional investment vehicles.

    Earlier in March, the bank’s president and chief operating officer John Waldron had already signaled interest in launching its own crypto business.

    Client demand is rising, Waldron said, according to a report that said the bank’s crypto trading desk had reopened in the same month and began dealing bitcoin futures and non-deliverable forwards.

    We are regulated on what we can do. We continue to evaluate it and engage on it.

    A gradually increasing number of global banks are entering the crypto market, particularly with a focus on serving wealth management client demand.

    Morgan Stanley also launched its own crypto offering earlier last month via three funds.

    Outside of the U.S., DBS and Standard Chartered have also entered the crypto market, launching their offerings in December last year.

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  • Goldman Sachs MENA Head Retires

    Goldman Sachs MENA Head Retires

    Wassim Younan will retire from his position after nearly three decades with the bank and seeing its Middle Eastern expansion up close.

    Younan, 58, will retire by year-end, according to a report, and his role thereafter will be replaced by co-chief executive officers Fadi Abuali and Zaid Khaldi. The two will continue to retain their existing responsibilities in asset management and investment banking, respectively.

    Khaldi will relocate to Dubai and Abuali will stay based in London and split time with the bank’s MENA offices.

    Younan’s time with Goldman Sachs saw its expansion in the region since 2006 which included various milestones including the establishment of offices in Dubai, Doha and Riyadh as well as the achievement of key deals such as Saudi Aramco’s record $29.3 billion IPO earlier this year.

  • Goldman Sachs Keeps Partner Headcount Flat with 2020 Cap

    Goldman Sachs Keeps Partner Headcount Flat with 2020 Cap

    Goldman Sachs is reportedly adding no more than 60 partners in 2020 as part of a new drive to reduce the size and exclusivity of the top ranks. The cap is set to create the smallest class of partners since the mid-1990s, according to a report citing unnamed sources.

    Partners, which are appointed biennially, are considered the elite employees of the bank and receive various benefits including a small stake in the firm and access to exclusive investment opportunities alongside a $1 million salary.

    Any time one of the top 450 people at Goldman moves its gets written about, said Goldman CEO David Solomon, at a Credit Suisse forum in February this year, adding that top-10 executives exiting other banks would receive no such publicity.

    When appointed to the top role in late 2018, Solomon inherited a bank with around 500 partners. Although the total partner count doubled from 221 in 1999 when Goldman first went public, the 69 added that year was the lowest since. And in the two years after Solmon joined, at least 54 partners have left either by exiting Goldman or renouncing membership but remaining with the bank.

    At 60 or below, 2020 is set to become the new smallest class of partners for Goldman Sachs.

    In addition to a smaller class, Goldman is also offering partners «carried interest» or a share of future profits in its private investment funds which can be accessed investments as little as $10,000.

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  • Goldman Sachs to Launch FX Platform in Singapore

    Goldman Sachs to Launch FX Platform in Singapore

    The platform is the company’s fourth global currency pricing, following others in London, Tokyo, and New York. Goldman Sachs will be launching a foreign-exchange (FX) trading and pricing engine in Singapore, planned for the first quarter of 2021, the company said in a statement on Tuesday.

    The platform aims to deliver improved low latency execution for clients and is built with the support of the Monetary Authority of Singapore (MAS), which aims to develop Singapore as a premier hub for foreign exchange trading in Asia Pacific.

    It makes perfect sense for us to be part of this initiative and to further develop the FX market ecosystem in Singapore, and Asia as a whole,» David Wilkins, Goldman Sachs global head of electronic FX distribution, said.

    The average FX daily trading volume in Singapore is the highest in Asia, trailing the U.S. and U.K. globally.

    We continue to actively develop our presence in Singapore and have seen consistent growth of our franchise here over a number of years in both FX and broader global markets,» E.G. Morse, Goldman Sachs Singapore chief executive, said in the statement.

    Goldman Sach’s FX engine follows similar moves by Standard Chartered, Citi, BNY Mellon, Barclays, BNP Paribas, J.P Morgan, Euronext, Jump Trading and XTX Markets, which have built their own regional trading infrastructure in the city-state.

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  • Goldman Reducing Loan Exposure to Softbank Vision Fund

    Goldman Reducing Loan Exposure to Softbank Vision Fund

    Goldman Sachs Group aims to offload a portion of its stake in a $3.1 billion credit line to SoftBank Group Corp’s Vision Fund which it helped arrange.

    The U.S. lender has approached other financial institutions to take on some of its lending commitment to decrease its risk, quoting people with knowledge of the matter.

    The bridge facility involved, which Goldman and Mizuho International began arranging last year, enables the famous investment vehicle to quickly decide on transactions. The loan was syndicated to other banks including Standard Chartered, Citigroup, Barclays and Royal Bank of Canada, according to a SoftBank presentation in May.

    Goldman has been looking to cut its exposure to the facility for the last few months, one of the people said to the media outlet. Goldman is offering the debt at prices slightly below par, and also sell the credit line in pieces as small as $50 million, according to Bloomberg’s sources.

    In May, Goldman already reduced its exposure by bringing on board additional lenders. Now, the firm is looking beyond the existing group, and at least one of the original 10 lenders isn’t interested in boosting its exposure, one of the people said.

    Bad news has been plaguing SoftBank this week, from the stalled initial public offering of WeWork(one of its biggest bets) to doubts over the sale of its debt-laden Sprint. The cost to protect against nonpayment by SoftBank in the credit-default swaps market jumped on Wednesday, according to ICE Data Services.

    Goldman Sachs has deep ties to SoftBank, working with the company to raise a second Vision Fund and advising founder Masayoshi Son’s businesses on several deals in recent years. SoftBank’s first Vision Fund, which counts Saudi Arabia’s Public Investment Fund as its largest investor, has backed firms including messaging software company Slack, ride-hailing giant Uber and office-sharing startup WeWork.

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  • Goldman’s Instructed by ANZ

    Goldman’s Instructed by ANZ

    It has been an interesting week for Australian bank ANZ. On Monday it agreed a deal with Singaporean bank DBS to dispose of its Asian wealth units. Now it appears the bank has hired Goldman Sachs for another deal.

    According to a report the bank has appointed Goldman Sachs to lead the sale. Also involved in any transaction will be the Melbourne-based boutique Flagstaff Partners.

    Insurance Units Next to go?

    Flagstaff has worked with ANZ on several occasions including as a financial adviser to the ANZ Banking Group on the sale of ANZ Trustees to Equity Trustees. It also acted as a financial adviser on the acquisition of the remaining 51 percent shareholding in the ANZ-ING wealth management and life insurance joint venture.

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