Oct 17 Goldman Sachs Group Inc's Asia
Pacific Chairman Mark Schwartz will retire at the end of this
year, according to an internal memo.
Schwartz, who has worked at Goldman for 27 years and is
based in Beijing, will become a senior director at the firm.
A Goldman spokesman confirmed the contents of the memo.
Schwartz, a member of Goldman's management committee with
other senior leaders at the bank, has helped to build the firm's
business in the Asia Pacific region. He was president of
Goldman's Japan unit from 1997 to 1999 and later served as
chairman of Goldman's Asia Pacific business until 2001. He took
on that role again in 2012.
Schwartz first joined Goldman in 1979 as an associate in the
public utility finance group and worked in several groups
including fixed income and debt capital markets.
He left the firm in 2001 and became a senior advisor to
Soros Fund Management, eventually becoming president and chief
executive officer. He then became chairman of investment firm
MissionPoint Capital Partners, which he co-founded, returning to
Goldman in 2012.
Schwartz is leaving Goldman as the bank attempts to reduce
the number of bankers working on mergers and acquisitions and
capital market deals in Asia outside Japan amid a slowdown in
M&A volumes so far this year are down 17 percent in Asia
excluding Japan, according to Thomson Reuters data. Equity
capital markets volume in the region has fallen 20 percent.
Schwartz's departure is unrelated to these measures,
according to a person familiar with his plans.
(Reporting by Olivia Oran in New York; Additional reporting by
Lisa Jucca in Hong Kong; Editing by Bernadette Baum)