Professional Wealth Management
Posted August 7, 2009 | yuri bender | Post a Comment

So what’s going on at Goldman Sachs Asset Management? Where have those familiar, friendly faces all gone? The thing is, they never tell you. It’s meant to be a bit like MI5 – you are never supposed to leave. But some of the ex-agents turn up elsewhere eventually.

I am delighted to hear that Alex Fletcher, who used to run the European institutional business, sub-advisory unit and European funds distribution is now running Brindisa, a chain of Spanish Tapas bars. On my way to FT HQ at Southwark Bridge the other week, saw him through the window looking very contented. He was always a meticulous chap and very entertaining. Now he is apparently looking for secret tasters to come into his up-market caffs andĀ grass themĀ up if the hams are not fresh. The wealth management world is certainly a duller world without ‘Fletch’.

Suzane Donohoe – the big boss – also jumped ship for KKR back in Feb. Haven’t met this Sheila Patel yet who has taken over. Any readers know her? What about ‘Big’ Ted Sotir, the ex American football quarterback, who was told to slim down before he took over as head of operations. Is he still around?

Seem to be a lot of new faces there and new policies. Forget about the fancy bond trades under Ucits III which was the BIG selling point a couple of years ago. It’s all buy and hold now. Over the last two years they were trying to present themselves as more retail, now it’s back to institutional. Consultants say that’s what the wealth managers and upper segments of retail banks want – fund houses that can involve themselves in asset allocation and risk management, not just put hot topic products on the shelves. Let’s see what happens. We’ll keep an eye on things.


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