Goldman names Hui head of Asia Pacific ex-Japan merchant banking
Stephanie Hui has been named head of Goldman Sachs’ merchant banking operations for Asia Pacific ex-Japan as part of a management reshuffle following the departure of three senior partners from the firm. She will report to Andrew Wolff, who is moving from Hong Kong to London to lead European merchant banking but will remain co-head of the business in Asia alongside Tokyo-based Ankur Sahu.
Hui joined Goldman Sachs Principal Investment Area in New York in 1995 and transferred to Hong Kong two years later.
According to Reuters, she took the lead role on investments including Industrial and Commercial Bank of China (ICBC) and Shenzhen Hepalink Pharmaceutical. The US firm paid around $2.8 billion for a 4.9% stake in ICBC in 2006 and has since recouped approximately $7.7 billion through four partial exits. Hepalink went public in 2010, presenting Goldman with a 200x paper gain on its original investment of $4.9 million made three years earlier.
Hui is also a member of Hony Capital's investment committee.
Wolff's relocation to London, and Hui's elevation, comes in response to the impending retirement of Muneer Satter, Hughes Lepic and Gerald J. Cardinale, head of mezzanine funds, head of merchant banking in Europe, and co-head of Americas private equity funds, respectively. The three have between them spent 66 years at Goldman, Bloomberg reported, citing memos from Richard A. Friedman, head of merchant banking.
Goldman lost about 50 partners last year as it posted its lowest profit figures since 2008. The firm's merchant banking activities are also likely to curtailed by the Volcker Rule, which dictates that no more than 3% of banks' tier-one capital can be put towards alternative investments.
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