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Home / Business / MOVES-Goldman names new Asia investment banking chief in the midst of leadership change – Source

MOVES-Goldman names new Asia investment banking chief in the midst of leadership change – Source



HONG KONG, Oct. 21 (Reuters) – Goldman Sachs Group Inc has appointed senior banker Todd Leland as head of Asian investment banking, a person with sound knowledge said on Sunday with David Solomon taking over this month.

In the new role, Leland, an American who joined Goldman in 1992, will replace Andrea Vella and Kate Richdale as directors of the Asia Investment Banking division, with the exception of Japan. Vella and Richdale were appointed co-chair of the unit in 2015.

Vella and Richdale will remain in Asia to become co-chairs of the unit, said the person who refused to be named as the move was not made public yet.

A spokeswoman for Goldman declined to comment.

Leland was named co-president of the Asia-Pacific Bank excluding Japan last September, after working in London for ten years.

He takes over at a time when China's aggressive outbound appetite for mergers and acquisitions has slowed this year in an escalating trade war with the US and weaker markets are likely to weigh on demand for new equity offerings.

In the first nine months of 201

8, Goldman's sales in Asia, the smallest of its three regions, increased 9 percent to $ 3.9 billion. Asia's share of Group sales fell by 1 percentage point to 14 percent during this period.

Richdale, a fluent Mandarin referent with experience in Southeast Asian dealmaking, joined Goldman from Morgan Stanley in March 2013.

Prior to assuming Asian leadership, Vella was co-head of the January 2014 financing group in the region. Prior to that, he was head of credit markets in Asia excluding Japan.

Among other changes in corporate governance since the appointment of Solomon as group chief executive, last month's Goldman named Dan Dees, who heads the technology, media and telecoms investment banking group globally as an investment banking co-chief.

Dees will share his new title with Gregg Lemkau and Marc Nachmann.

Dees was promoted about a week after Goldman named former investment banking co-leader John Waldron as president and chief operating officer, and appointed Stephen Scherr as new chief financial officer.

The Wall Street Journal first reported on the changes in Asia's lead at Goldman on Saturday. (Report by Sumeet Chatterjee; Editorial: Christian Schmollinger)

Our Standards: The Thomson Reuters Trust Principles.

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