Soon thereafter Goldman appointed Alireza and Ryan co-presidents for Asia ex-Japan as well as giving them a seat on Goldman’s global management committee, of which Evans is already a member.The end of the road for Roger Ng, the Goldman Sachs Investment Banker, who played a critical role in the Goldman Sachs 1 MDB Malaysia scandal, was not a pretty one. Evans was promoted to global head of growth markets in January, making him the head of Goldman’s emerging markets business globally. The memo was signed by Michael Evans, who is Asia chairman and global head of growth markets, Yusuf Alireza, head of Goldman’s securities division in Asia, and Ryan. Hu announced his retirement from Goldman Sachs just two months later in March. In Asia, Fred Hu, who was chairman of Greater China, based in Hong Kong, and Leissner were named to the IBS group. Goldman created the IBS leadership group in January 2010 to focus on key clients, which the investment bank terms “franchise accounts”. Under Leissner's watch, Goldman Sachs has created a strong Southeast Asia franchise and has been present on a number of key mandates in the region. He moved back to Singapore in 2006 to fill a vacancy created by the promotion of Richard Ong to co-head of investment banking for Asia ex-Japan. He moved to Singapore in 2002 to head investment banking and then moved back to Hong Kong.
Leissner joined Goldman Sachs in 1998 and has been a partner since 2006. Leissner will “take up more senior coverage responsibilities across the region, consistent with his role as a member of the IBS leadership group and will also play an important role in mentoring and developing the careers of our regional IBS bankers”, said the memo. Meanwhile, Tim Leissner, who is currently co-president of Goldman Sachs Singapore and head of investment banking for Southeast Asia, will relocate from Singapore to Hong Kong. Entwistle will be taking on his Singapore responsibilities shortly but expects to be shuttling back and forth to ensure a smooth India transition, added the source. The fact that Chatterjee is new to the firm is balanced out by Karnani being a Goldman veteran who has been with the bank since 1998. Goldman intended to create a bench of local talent in India. The new India coverage structure is well thought-out and is something Goldman has been working towards for some time, said a source, who also termed the change a "natural progression". Like Chatterjee, he also became a partner in 2010. He was one of the first Goldman employees to join Entwistle in Mumbai in 2006. This is a product line that is profitable for many investment banks in India. Karnani has been head of the securities business since 2009. He joined the firm in 2010 as a partner and co-CEO, after a 16-year career at ICICI Bank, where he was most recently executive director. Chatterjee will drive strategic direction in India and will also become chairman of the India operating committee. Sonjoy Chatterjee succeeds Entwistle as chairman for India, while Chatterjee and Vijay Karnani will become co-chief executive officers, overseeing the India franchise. However, India is a challenging market for investment banking fees, and Goldman Sachs and other international firms are struggling to create a meaningful revenue base in the country. He is widely credited with having forged an independent identity for Goldman Sachs in India during the past five years and has won mandates such as the recent sell-side mandate from Mukesh Ambani on the creation of a joint venture for Reliance Industries. Entwistle was named a partner at Goldman Sachs in 2008. Goldman Sachs appointed Entwistle to head its India operations in 2006, when the bank set up independent operations after deciding to part ways with its joint venture partner Kotak Mahindra. Ryan was promoted to co-head of IBD for Asia ex-Japan in April last year and became sole head in February this year.
Entwistle takes on David Ryan's old role. Entwistle “will principally be responsible for continuing to drive our IBD business”, said an internal memo that FinanceAsia has seen. Brooks Entwistle and Tim Leissner are entrusted with new portfolios, resulting in promotions for Sonjoy Chatterji and Vijay Karnani.īrooks Entwistle is relocating to Singapore from Mumbai to become chairman and head of investment banking for Southeast Asia. Goldman Sachs on Friday announced some senior internal transfers involving its offices in Hong Kong, Singapore and Mumbai.
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