GSAM changes Asia leadership, names Patel head

Goldman Sachs Asset Management has named Sheila Patel head of its international operations. She will relocate from London to Singapore and will take over leadership of GSAM in Asia Pacific ex-Japan from Oliver Bolitho.

Patel was officially appointed earlier this week, and will relocate in the near future. Previously she was co-head of GSAM for Europe, Middle East and Africa (EMEA) with Andrew Wilson. Her responsibility now stretches to all GSAM operations outside the US, which means EMEA and Asia Pacific ex-Japan.

Following the announcement Wilson will become sole head of EMEA, while Patel will continue to be responsible for distribution-related operations in EMEA. GSAM Japan continues to be run by Shigeki Kiritani as president.

An internal memo seen by AsianInvestor notes that Bolitho has been appointed GSAM’s chairman of Asia Pacific to focus on the development of its client franchise, reporting to Patel. Bolitho has worked at GSAM for over 14 years, and until this announcement was running operations in the region as head of Asia.

“In her expanded role [Patel] will oversee the business management and strategy for GSAM Asia Pacific ex-Japan,” the memo states. “With the expansion of our footprint and licences in Asia, we have decided to deepen the leadership team in the region.

“We have asked Oliver Bolitho to focus on the development of the client franchise. [Bolitho] will become chairman of GSAM Asia Pacific and will focus on key clients and prospects in the region. He will report to [Patel].”

During her tenure at GSAM Patel has held a number of roles. Prior to joining Goldman’s investment management division (IMD), which comprises asset management and private wealth management, she was co-head of equities distribution in Asia and head of the US derivative sales and US synthetics sales in the equities division.

She serves on the GSAM operating committee and the IMD client and business standards committee. She joined the firm in 2003 as a managing director and was named partner in 2006.

Prior to Asia, Bolitho was head of GSAM’s UK and Irish business from 2001 to 2006. He joined Goldman Sachs in 1998 and was named managing director in 2003 and partner in 2008.

GSAM has $735.5 billion in global AUM, of which Asia Pacific accounts for $97.2 billion (13%).