Tech specialists Raghav Maliah and Jung Min have been appointed co-heads of Goldman Sachs’ dealmaking franchise in the Asia Pacific excluding Japan as veteran John Kim retires, according to an internal memo.
Maliah and Min currently co-lead the bank’s technology, media and telecoms (TMT) business in the region excluding Japan. Maliah, who joined the bank in 2000 and made partner in 2010, is also global vice-chairman of Goldman‘s investment banking business.
The pair will assume leadership of Mergers & Acquisition (M&A) in Asia Ex-Japan (AEJ), the memo said.
“This commitment of senior bankers to our M&A franchise, with their deep experience across industries and geographies, will strategically align our team to capture the anticipated growth in merger activity in AEJ,” the bank said in a memo to staff.
Min, who became a partner in 2016, was also recently named co-chief operating officer of the bank’s global TMT business.
John Kim spent 19 years with Goldman in Asia, moving between his native Korea and Hong Kong. He headed Goldman Sachs Korea before taking over the M&A division in 2014.
The news comes as Goldman chief executive David Solomon marks one year at the helm of the Wall Street giant. In an internal podcast interview to mark the anniversary, Solomon said he had focused on making sure the bank’s clients were the center of its thinking.
“We’re a divisional firm, we’ve always been a divisional firm, but I think there’s a great opportunity to make sure for our clients that we’re delivering the whole firm,” he added.
Goldman ranked second behind Morgan Stanley in a league table of M&A for the Asia Pacific including Japan at the end of the third quarter, according to Refinitiv data, having advised on deals worth $108.4 billion.
The region has been hit harder than elsewhere by a drop in global deal volumes as uncertainties over the economic outlook and rising trade tensions between the U.S. and China weigh on M&A appetite.
Dealmaking volumes in Asia-Pacific fell 30% year-on-year to $751 billion as at end-September according to Refinitiv data, while globally volumes fell 11% to $2.8 trillion.