Goldman Sachs Asset Administration chairman Sheila Patel is retiring

• Sheila Patel, chairman of Goldman’s asset-administration group and member of the firm’s management committee, is retiring from her job. 
• Patel strategies to take on a new job at Goldman as advisory director, Bloomberg to start with documented.
• Goldman Sachs CEO David Solomon introduced the news in a memo viewed by Enterprise Insider on Monday.
• Take a look at Organization Insider’s homepage for additional stories.

A major executive for Goldman Sachs Asset Management is set to retire from her purpose after a approximately 18-12 months operate at the business.

Sheila Patel, the London-primarily based chairman of Goldman’s asset management device, is stepping down as chair and a person of the firm’s partners, and designs to just take on a new role as advisory director, Bloomberg very first documented. Goldman Sachs CEO David Solomon announced the move in a memo on Monday, which was found by Insider.

Solomon mentioned that Patel’s changeover to the purpose will be successful in the new yr.

Patel to start with joined Goldman in 2003, and was named spouse 3 yrs afterwards. She has held other senior roles throughout Goldman, such as co-head of equities distribution in Asia. Before joining Goldman, she was head of investing approach at Morgan Stanley for seven decades.

Patel was named chair of the $1.8 trillion asset management division last 12 months, and was replaced by co-heads Craig Russell and Luke Sarsfield, the publication Pensions & Investments described at the time. She retains a bachelor’s degree from Princeton University and an MBA from Columbia Business Faculty.

As component of a reorg introduced in September, GSAM is becoming folded into a standalone asset-administration division, which also includes the firm’s service provider-banking business enterprise. Goldman is meanwhile building a new standalone customer division that includes its Marcus lending device as properly as wealth-management and private banking.

The alterations do away with the previous Consumer and Investment Management Division and go into effect Jan. 1. 

The new divisional set up matches the way Goldman experiences fiscal benefits, a change the firm manufactured final year. Goldman will now have four divisions: purchaser and wealth administration, asset management, expenditure banking, and international markets.

Read through more on the divisional adjustments: Goldman Sachs just shook up its divisions to develop a new customer and prosperity-administration arm that will be operate 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 & Variety Committee, in accordance to her profile on LinkedIn.

“Sheila has served our company and our purchasers with uncompromising excellence for extra than 17 years. As a long-tenured leader in GSAM, she has assisted determine and execute on our world-wide technique for the small business, together with by identifying and driving new alternatives to progress our shopper franchise all-around the entire world and across all of our GSAM clients,” Solomon wrote in his memo.

Recent months have found a amount of exit announcements at Goldman. In November, Insider reported that Gregg Lemkau, co-head of Goldman’s investment-banking division, would depart the agency at the end of this yr, with the intention to come to be main executive of Michael Dell’s MSD Companions.

Meanwhile, the organization just lately inducted a cohort of some 60 persons into its exclusive partnership, a rite of passage that will come each two many years. The associate class was the smallest in additional than two many years.

Previously this year, Patel gave Insider a seem at the problems Goldman faced in seeking to provide employees again safely to the firm’s swanky London digs. One particular of its most significantly troubles was what to do about the building’s lack of adequate parking space for personal automobiles.

Read extra: Goldman Sachs developed its glitzy London place of work with tons of features, but little parking. In a put up-pandemic environment, it could be a massive snag as the organization seems to carry personnel again in.

Here’s the whole memo Goldman’s CEO David Solomon despatched about Sheila Patel’s transfer

Sheila Patel to Develop into an Advisory Director

Sheila Patel, chairman of Goldman Sachs Asset Administration and a member of the Administration Committee, will retire from the partnership and come to be an advisory director, powerful in the new 12 months.

Sheila has served our agency and our consumers with uncompromising excellence for more than 17 years. As a extensive-tenured leader in GSAM, she has served outline and execute on our world method for the business enterprise, such as by pinpointing and driving new alternatives to advance our consumer franchise about the world and throughout all of our GSAM consumers. In excess of the past quite a few a long time, she has assisted create several of GSAM’s most critical consumer relationships, and contributed to our A single Goldman Sachs strategy in its early stages, with a target on delivering the entire extent of the firm’s merchandise and expert services to our purchasers in the most seamless and powerful fashion.

In her latest role, Sheila advises GSAM purchasers employing her expertise of portfolio answers, sustainable finance, emerging development themes, governance and other key extensive-phrase tendencies. She also oversees GSAM’s Environmental, Social and Governance (ESG) and affect expenditure initiatives. Prior to assuming her obligations in GSAM, Sheila served as co-head of Equities Distribution in Asia and head of US Spinoff Income and US Synthetics Sales in the Equities Division. Sheila is a member of the European Management Committee, the Sustainable Finance Steering Team and the Goldman Sachs Leadership Progress Initiative. She joined Goldman Sachs in 2003 as a handling director and was named lover in 2006.

Through her tenure at Goldman Sachs, Sheila has contributed to our tradition, which includes by serving as a mentor to numerous Goldman Sachs professionals all-around the entire world. She was also earlier a member of the Partnership Committee, as properly as the EMEA Inclusion and Range Committee.

Make sure you be part of me in thanking Sheila for her outstanding contributions to Goldman Sachs, our shoppers and our persons. I look forward to benefitting from her continued counsel as an advisory director.

David M. Solomon