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Goldman's Asia banking co-head relocates to Beijing

(Agencies)
Updated: 2009-03-03 12:01

Goldman Sachs Group's co-head of Asia investment banking, Mark Machin, is relocating to Beijing to help build the bank's business in China, spokeswoman Connie Ling said on Monday.

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Goldman's China venture has not underwritten any domestic equity offerings since 2007, and its ranking for handling overseas stock sales by Chinese firms fell to seventh last year from first in 2004, according to Thomson Reuters data.

Machin will continue to oversee Goldman's investment banking business in Asia, excluding Japan, Ling said. Cai Jinyong, president of Goldman's local joint venture, will continue to run its China operations.

Goldman Sachs Gao Hua Securities is a joint venture between Goldman Sachs and Beijing Gao Hua Securities, offering investment banking services to Chinese mainland clients.

Beijing Gao Hua Securities is a domestic securities brokerage and proprietary trading businesses. Fang Fenglei, chairman of Goldman Gao Hua, stepped down from day-to-day operations in 2007 to focus on his own China fund.

The joint venture struggled last year, in a tough equity capital markets environment. Goldman also slipped to tenth in advising Chinese companies on mergers and acquisitions last year from fourth in 2007.

Local media reported last week that Goldman Sachs Gao Hua was laying off employees.

Goldman's Machin is co-head of Asia Investment Banking, ex-Japan, with Ravi Sinha, appointed last June.

Machin joined Goldman in 1991 and moved to Asia three years later.