- Sheila Patel, chairman of Goldman’s asset-management group and member of the agency’s administration committee, is retiring from her position.
- Patel plans to tackle a brand new position at Goldman as advisory director, Bloomberg first reported.
- Goldman Sachs CEO David Solomon introduced the information in a memo seen by Enterprise Insider on Monday.
- Visit Business Insider’s homepage for more stories.
A prime government for Goldman Sachs Asset Administration is about to retire from her position after an almost 18-year run on the agency.
Sheila Patel, the London-based chairman of Goldman’s asset administration unit, is stepping down as chair and one of many agency’s companions, and plans to tackle a brand new position as advisory director, Bloomberg first reported. Goldman Sachs CEO David Solomon introduced the transfer in a memo on Monday, which was seen by Insider.
Solomon stated that Patel’s transition to the position can be efficient within the new 12 months.
Patel first joined Goldman in 2003, and was named accomplice three years later. She has held different senior roles throughout Goldman, together with co-head of equities distribution in Asia. Earlier than becoming a member of Goldman, she was head of buying and selling technique at Morgan Stanley for seven years.
Patel was named chair of the $1.8 trillion asset administration division final 12 months, and was changed by co-heads Craig Russell and Luke Sarsfield, the publication Pensions & Investments reported on the time. She holds a bachelor’s diploma from Princeton College and an MBA from Columbia Enterprise College.
As a part of a reorg announced in September, GSAM is being folded right into a standalone asset-management division, which additionally consists of the agency’s merchant-banking enterprise. Goldman is in the meantime creating a brand new standalone client division that features its Marcus lending unit in addition to wealth-management and personal banking.
The modifications eradicate the previous Client and Funding Administration Division and go into impact Jan. 1.
The brand new divisional setup matches the best way Goldman studies monetary outcomes, a change the agency made final 12 months. Goldman will now have 4 divisions: client and wealth administration, asset administration, funding banking, and international markets.
Learn extra on the divisional modifications: Goldman Sachs just shook up its divisions to create a new consumer and wealth-management arm that will be run by Stephanie Cohen and Tucker York
Along with her senior management roles, Patel additionally serves on Goldman’s firmwide and European administration committees, its partnership committee, and the EMEA Inclusion & Range Committee, based on her profile on LinkedIn.
“Sheila has served our agency and our shoppers with uncompromising excellence for greater than 17 years. As a long-tenured chief in GSAM, she has helped outline and execute on our international technique for the enterprise, together with by figuring out and driving new alternatives to advance our shopper franchise world wide and throughout all of our GSAM shoppers,” Solomon wrote in his memo.
Current months have seen a lot of exit bulletins at Goldman. In November, Insider reported that Gregg Lemkau, co-head of Goldman’s investment-banking division, would depart the agency on the finish of this 12 months, with the intention to grow to be chief government of Michael Dell’s MSD Companions.
In the meantime, the agency recently inducted a cohort of some 60 folks into its unique partnership, a ceremony of passage that comes each two years. The accomplice class was the smallest in additional than 20 years.
Earlier this 12 months, Patel gave Insider a look on the complications Goldman confronted in making an attempt to convey staff again safely to the agency’s swanky London digs. One in every of its most importantly points was what to do concerning the constructing’s lack of ample parking area for personal automobiles.
Here is the total memo Goldman’s CEO David Solomon despatched about Sheila Patel’s transfer
Sheila Patel to Change into an Advisory Director
Sheila Patel, chairman of Goldman Sachs Asset Administration and a member of the Administration Committee, will retire from the partnership and grow to be an advisory director, efficient within the new 12 months.
Sheila has served our agency and our shoppers with uncompromising excellence for greater than 17 years. As a long-tenured chief in GSAM, she has helped outline and execute on our international technique for the enterprise, together with by figuring out and driving new alternatives to advance our shopper franchise world wide and throughout all of our GSAM shoppers. Over the previous a number of years, she has helped develop lots of GSAM’s most necessary shopper relationships, and contributed to our One Goldman Sachs method in its early levels, with a give attention to delivering the total extent of the agency’s services to our shoppers in probably the most seamless and efficient method.
In her present position, Sheila advises GSAM shoppers using her data of portfolio options, sustainable finance, rising progress themes, governance and different key long-term traits. She additionally oversees GSAM’s Environmental, Social and Governance (ESG) and impression funding initiatives. Previous to assuming her obligations in GSAM, Sheila served as co-head of Equities Distribution in Asia and head of US By-product Gross sales and US Synthetics Gross sales within the Equities Division. Sheila is a member of the European Administration Committee, the Sustainable Finance Steering Group and the Goldman Sachs Management Improvement Initiative. She joined Goldman Sachs in 2003 as a managing director and was named accomplice in 2006.
All through her tenure at Goldman Sachs, Sheila has contributed to our tradition, together with by serving as a mentor to many Goldman Sachs professionals world wide. She was additionally beforehand a member of the Partnership Committee, in addition to the EMEA Inclusion and Range Committee.
Please be part of me in thanking Sheila for her excellent contributions to Goldman Sachs, our shoppers and our folks. I look ahead to benefitting from her continued counsel as an advisory director.
David M. Solomon