Goldman Sachs has promoted Alasdair Warren to head of its financial sponsors group for Europe, Middle-East, and Africa.
Based in London, Warren joined Goldman in 2005 and became partner in 2008. He previously ran the bank’s equity capital markets, convertible and derivatives business for the EMEA region. Prior to this, he was co-head of Goldman’s UK investment banking division.
Warren will take over from James McMurdo, poached by Deutsche Bank to become its Australia and New Zealand CEO. Richard Cormack and Christoph Stanger, already senior members of Goldman’s ECM and convertibles team, will become co-heads of the division.
The appointments, which were first reported by Reuters, come at a time when a number of major lenders have thought to spin-out or divest their asset management businesses. These include Credit Suisse, which sold its private equity fund of funds to fund of hedge fund manager Grosvenor Capital earlier this month, and JP Morgan, which spun off its buyout division in June.
A number of GPs have been directly taking advantage of this, getting their hands on chunks of portfolios or investing directly in formerly captive asset management businesses. Warburg Pincus and General Atlantic, for example, bought a 50 percent stake in Santander Asset Management last May.
By contrast, a resurgent private equity has helped Western lenders rake in bumper revenues in the first half of this year, several studies recently showed. Banks have seen fees paid by sponsors rise by 48 percent to $8.3 billion in the six months to 30 June, while global leverage finance revenues have so far totaled $13 billion in 2013, a 37 percent increase compared to the $9.5 billion in the same period last year.
JPMorgan, followed by Bank of America Merrill Lynch and Credit Suisse, led the leverage revenues ranking. JPMorgan also led the financial sponsors revenue table, seconded by Goldman Sachs and Credit Suisse.