Goldman poaches Morgan Stanley's Asia investment banking head

Hong Kong Thu Mar 7, 2013 8:27am IST

A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange, April 16, 2012. REUTERS/Brendan McDermid

A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange, April 16, 2012.

Credit: Reuters/Brendan McDermid

Related Topics

Stocks

   

Hong Kong (Reuters) - Goldman Sachs (GS.N) has hired Morgan Stanley's Asia investment banking head Kate Richdale, the most senior banker in the region to be poached so far this year at a time when annual bonuses are being paid amid fierce competition for business in a low-fee environment.

Richdale will be head of investment banking services for Asia ex-Japan, a role that involves managing the firm's client relationships in the region, according to an internal memo obtained by Reuters on Thursday.

A 13-year veteran of Morgan Stanley, Richdale will join Goldman Sachs as a Partner, a coveted title at the bank because of its prestige and high level of compensation. She was named as Morgan Stanley's sole head of investment banking for Asia-Pacific two years ago to the day, in a shake-up that saw her co-head, Gokul Laroia, become head of the equities division.

Goldman will benefit particularly from Richdale's experience in South East Asia, a region where the US investment bank has sometimes lagged rivals in the past and where it has redeployed resources recently. It moved Steve Barg from Hong Kong to Singapore in July to become co-head of investment banking for the sub-region.

From 2003 to 2006 Richdale was head of investment banking for South East Asia at Morgan Stanley, becoming CEO for the region in 2007.

Richdale is the second Morgan Stanley Asia veteran to defect to another bank in the last year, after Will McLane, the head of the financial institutions group for Asia Pacific, went to Citi (C.N) in July.

(Reporting By Lawrence White; Editing by Michael Flaherty and Stephen Coates)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Election 2014

REUTERS SHOWCASE

TCS Results

TCS Results

TCS net profit rises 51.5 percent, sees stronger sales growth.  Full Article | Quote 

Election 2014

Election 2014

Promises and more promises: India’s parties pitch their visions.  Full Article | Full Coverage 

India Markets

India Markets

Sensex slumps 207 points, at 2-1/2 week closing low.  Full Article 

Telecom Sector

Telecom Sector

RComm to raise mobile call tariff by up to 20 percent  Full Article 

Chinese Economy

Chinese Economy

China economic growth slows to 18-month low in first quarter  Full Article 

New Direction

New Direction

CEO Nadella pushes data culture at Microsoft.  Full Article 

Bitcoin ATM

Bitcoin ATM

China gets first bitcoin ATM, skirting bank crackdown.  Full Article 

Strong Sales Volume

Strong Sales Volume

Small is beautiful for Coca-Cola as volumes soar in China  Full Article 

Breakingviews

Breakingviews

Diageo throws money at Indian empire-building  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage