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Goldman hires Morgan Stanley’s Asia investment banking head
News from Fox Business:
H – Goldman Sachs Group Inc. has hired Morgan Stanley’s Asia investment banking head Kate Richdale, the most senior banker in the region to switch firms so far this year.
Richdale will be head of investment banking services for Asia ex-Japan, according to an internal memo obtained by Reuters on Thursday, putting her in charge of client relationships in a region where banks are focusing on high-paying clients rather than broad coverage lists.
“It’s a pretty high profile hire,” said Philippe Espinasse, a former investment banker with Nomura and UBS in Hong Kong, adding that Richdale’s fluent Mandarin and Southeast Asia experience make her a “well-rounded and seasoned” executive.
Morgan Stanley will replace Richdale with Dieter Turowski and Shane Zhang as co-heads of investment banking for Asia Pacific, sources with direct knowledge of the matter told Reuters.
Richdale’s appointment comes at a time when investment banks like Morgan Stanley and Goldman Sachs are struggling to recapture the fee levels they earned in Asia in the past, as the region’s high level of economic growth is tempered by a dwindling flow of large IPOs and other equity offerings.
Those deals had been the source of Asia’s juiciest fees in the last decade. Banks are working now to focus on fewer clients than in the past, targeting those mo…………… continues on Fox Business
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