People Moves

Goldman Sachs AM Expands International Leadership To APAC

Eliane Chavagnon London 30 November 2012

Goldman Sachs AM Expands International Leadership To APAC

Goldman Sachs Asset Management has named Sheila Patel as head of its international business, spanning Europe, the Middle East, Africa and Asia-Pacific, but excluding Japan - a newly created role.

Patel was latterly co-chief executive of Goldman Sachs Asset Management International, responsible for Europe, the Middle East and Africa, and in her Singapore-based expanded role will continue to focus on distribution-related activities in EMEA. Andrew Wilson is now the sole head of GSAM for those regions.

"With the expansion of our footprint and licenses in Asia, we have decided to deepen the leadership team in the region," the firm said in an internal memo.

Accordingly, Oliver Bolitho has been appointed chairman of GSAM Asia-Pacific - a role in which he will focus on key clients and prospects in the region, reporting to Patel.

Patel also serves on the GSAM operating committee and the investment management division's client and business standards committee. She joined the firm in 2003 as a managing director and was named partner in 2006.

In other recent moves, earlier this month Goldman Sachs confirmed to this publication that it was pulling out of the South Korean asset management business just five years after entering the highly-competitive market, saying the business had not lived up to is expectations.

Media reports said that the firm's unit in South Korea manages about $4 billion in assets and has about 40 staff. Goldman will try to absorb them into other parts of the company.


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