- Sheila Patel, chairman of Goldman’s asset-management group and member of the firm’s management committee, is retiring from her role.
- Patel plans to take on a new role at Goldman as advisory director, Bloomberg first reported.
- Goldman Sachs CEO David Solomon announced the news in a memo seen by Business Insider on Monday.
- Visit Business Insider’s homepage for more stories.
A top executive for Goldman Sachs Asset Management is set to retire from her role after a nearly 18-year run at the firm.
Sheila Patel, the London-based chairman of Goldman’s asset management unit, is stepping down as chair and one of the firm’s partners, and plans to take on a new role as advisory director, Bloomberg first reported. Goldman Sachs CEO David Solomon announced the move in a memo on Monday, which was seen by Insider.
Solomon said that Patel’s transition to the role will be effective in the new year.
Patel first joined Goldman in 2003, and was named partner three years later. She has held other senior roles across Goldman, including co-head of equities distribution in Asia. Before joining Goldman, she was head of trading strategy at Morgan Stanley for seven years.
Patel was named chair of the $1.8 trillion asset management division last year, and was replaced by co-heads Craig Russell and Luke Sarsfield, the publication Pensions & Investments reported at the time. She holds a bachelor’s degree from Princeton University and an MBA from Columbia Business School.
As part of a reorg announced in September, GSAM is being folded into a standalone asset-management division, which also includes the firm’s merchant-banking business. Goldman is meanwhile creating a new standalone consumer division that includes its Marcus lending unit as well as wealth-management and private banking.
The changes eliminate the former Consumer and Investment Management Division and go into effect Jan. 1.
The new divisional setup matches the way Goldman reports financial results, a change the firm made last year. Goldman will now have four divisions: consumer and wealth management, asset management, investment banking, and global markets.
Read more on the divisional changes: Goldman Sachs just shook up its divisions to create a new consumer and wealth-management arm that will be run by Stephanie Cohen and Tucker York
In addition to her senior leadership roles, Patel also serves on Goldman’s firmwide and European management committees, its partnership committee, and the EMEA Inclusion & Diversity Committee, according to her profile on LinkedIn.
“Sheila has served our firm and our clients with uncompromising excellence for more than 17 years. As a long-tenured leader in GSAM, she has helped define and execute on our global strategy for the business, including by identifying and driving new opportunities to advance our client franchise around the world and across all of our GSAM clients,” Solomon wrote in his memo.
Recent months have seen a number of exit announcements at Goldman. In November, Insider reported that Gregg Lemkau, co-head of Goldman’s investment-banking division, would depart the firm at the end of this year, with the intention to become chief executive of Michael Dell’s MSD Partners.
Meanwhile, the firm recently inducted a cohort of some 60 people into its exclusive partnership, a rite of passage that comes every two years. The partner class was the smallest in more than two decades.
Earlier this year, Patel gave Insider a look at the headaches Goldman faced in trying to bring employees back safely to the firm’s swanky London digs. One of its most significantly issues was what to do about the building’s lack of adequate parking space for private vehicles.
Here’s the full memo Goldman’s CEO David Solomon sent about Sheila Patel’s move
Sheila Patel to Become an Advisory Director
Sheila Patel, chairman of Goldman Sachs Asset Management and a member of the Management Committee, will retire from the partnership and become an advisory director, effective in the new year.
Sheila has served our firm and our clients with uncompromising excellence for more than 17 years. As a long-tenured leader in GSAM, she has helped define and execute on our global strategy for the business, including by identifying and driving new opportunities to advance our client franchise around the world and across all of our GSAM clients. Over the past several years, she has helped develop many of GSAM’s most important client relationships, and contributed to our One Goldman Sachs approach in its early stages, with a focus on delivering the full extent of the firm’s products and services to our clients in the most seamless and effective manner.
In her current role, Sheila advises GSAM clients utilizing her knowledge of portfolio solutions, sustainable finance, emerging growth themes, governance and other key long-term trends. She also oversees GSAM’s Environmental, Social and Governance (ESG) and impact investment initiatives. Prior to assuming her responsibilities in GSAM, Sheila served as co-head of Equities Distribution in Asia and head of US Derivative Sales and US Synthetics Sales in the Equities Division. Sheila is a member of the European Management Committee, the Sustainable Finance Steering Group and the Goldman Sachs Leadership Development Initiative. She joined Goldman Sachs in 2003 as a managing director and was named partner in 2006.
Throughout her tenure at Goldman Sachs, Sheila has contributed to our culture, including by serving as a mentor to many Goldman Sachs professionals around the world. She was also previously a member of the Partnership Committee, as well as the EMEA Inclusion and Diversity Committee.
Please join me in thanking Sheila for her outstanding contributions to Goldman Sachs, our clients and our people. I look forward to benefitting from her continued counsel as an advisory director.
David M. Solomon