Goldman Sachs combines three Asia IB businesses, names Drayton new unit head
HONG KONG: Goldman Sachs is merging three Asian investment banking businesses it previously managed separately into a single unit to integrate its regional deals advisory and capital market capabilities, according to a memo reviewed by Reuters.
Iain Drayton, head of the Wall Street bank's investment banking business in Asia excluding Japan, will lead the integrated Asia Pacific investment banking unit, said the internal memo issued on Thursday.
A bank spokesperson confirmed the memo's content.
"This structure will enable more holistic client engagement, more effective deployment of global and regional expertise, and increased career opportunities for our people," Goldman Sachs said in the memo.
In the new role, Drayton will work closely with Yoshihiko Yano and Shogo Matsuzawa, co-heads of investment banking in Japan, and Nick Sims and Zac Fletcher, co-heads of corporate advisory in Australia and New Zealand, the memo said.
A Goldman Sachs veteran, Drayton joined the firm in Tokyo as a managing director in 2006, relocated to Hong Kong in 2010, and was named a partner in 2014.
Goldman Sachs ranks at the top of the Asia Pacific equity capital market league table this year, according to Dealogic data. (Reporting by Selena Li; Editing by Sumeet Chatterjee, Jacqueline Wong and Kate Mayberry)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
39 minutes ago
- Zawya
JGB yields pare rise on report Japan to consider buying back bonds
TOKYO - Japanese government bond yields pared earlier advances on Monday following a report that the Ministry of Finance is considering buying back some super-long bonds it issued at low interest rates. Such a move would come on top of an expected government plan to trim issuance of the longest-dated debt in the wake of sharp rises in yields last month, Reuters reported citing two sources with direct knowledge of the plan. The 10-year JGB yield ended the day flat at 1.455% and briefly dipped to 1.450% following the report. It had earlier risen as high as 1.475%. JGB yields were initially pulled higher by an advance for U.S. Treasury yields after resilient labour market data on Friday saw traders pare back bets for a near-term Federal Reserve interest rate cut. Traders now see 63% odds of a Fed cut by September, down from 74% before the monthly payrolls report. The 30-year JGB yield was 1.5 bps higher at 2.89%, but down from as high as 2.92% earlier on Monday. The five-year yield ended 1 bp higher at 1.02%, paring a 2 bps advance. The 20-year and two-year hadn't changed hands following the Reuters report, and remained 3 bps higher at 2.36% and 1.5 bps higher at 0.775%, respectively. Super-long JGB yields pushed to a quarter-century high of 2.600% for 20-year JGBs and a record 3.185% for 30-year JGBs last month, as investors shied away from the longest-dated securities amid growing angst about developed-nation deficits, including in Japan. The rise was later exacerbated by poor results at super-long JGB auctions. However, the finance ministry's pledge to examine reduced issuance of super-long debt marked a turning point for the JGB market. Now, in the event of a poor JGB auction, investors still buy the bonds in the belief that the finance ministry will pare issuance even more, said Yunosuke Ikeda, chief macro strategist at Nomura. "A kind of built-in stabilization system is at work," Ikeda said. "In that sense, we can say The worst period is over." (Reporting by Kevin Buckland; Editing by Sharon Singleton)
Zawya
an hour ago
- Zawya
World shares climb, dollar eases ahead of US-China talks
LONDON/TOKYO - An Asia stocks rally lifted world indices to record highs on Monday, and the dollar pared recent gains ahead of talks in London aimed at mending a trade rift between the United States and China. MSCI's broadest index of world shares climbed 0.2% to a record high of 893.88, as European indices steadied and Asian markets closed higher. The Japanese Nikkei closed almost 1% higher, China's blue-chip CSI300 Index climbed roughly 0.3%, while the Shanghai Composite Index gained 0.4%. Top trade representatives from Washington and Beijing are due to meet for talks expected to focus on critical minerals, whose production is dominated by China. "Trade policy will remain the big macro uncertainty," said Kyle Rodda, a senior financial market analyst at "Signs of further momentum in talks could give the markets fresh boost to kick-off the week." U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent Washington in talks with China, U.S. President Donald Trump said in a social media post. China's foreign ministry said Vice Premier He Lifeng will be in Britain for the first meeting of the China-U.S. economic and trade consultation mechanism. Wall Street stocks had closed sharply higher on Friday after the closely watched monthly U.S. jobs data eased concerns about damage to the world's biggest economy from Trump's unpredictable tariff regime. Sentiment was also weighed down by a standoff in Los Angeles that led to Trump calling in the California National Guard to quell demonstrations over his immigration policies. The dollar fell 0.5% against the yen to 144.09, trimming its 0.9% jump on Friday. The European single currency rose 0.2% to $1.1422. Sterling traded at $1.3568 , up almost 0.4%. CHINA EXPORT GROWTH SLOWS U.S. job growth slowed in May by less than had been forecast, data showed on Friday. But dour economic readings from China added to evidence the trade war is taking a toll. China's export growth slowed to a three-month low in May, while factory-gate deflation deepened to its worst level in two years, separate reports showed on Monday. Attention now turns to U.S. inflation data on Wednesday that may adjust expectations for the timing of any rate cuts by the Federal Reserve. The Fed is in a blackout period ahead of its June 18 policy decision. "Markets have entered a tactical pause following a strong May, but beneath the surface, fragilities are building," said Bruno Schneller, managing director at Erlen Capital Management, noting that the U.S. CPI release is expected to show another rise, signaling that inflation remains sticky. "While this may offer some near-term support for the U.S. dollar, broader macro dynamics – notably fiscal expansion, rising structural deficits, and political unpredictability – are increasingly clouding the outlook for both rates and currencies," he said. Gold rose around 0.35% to $3,322 per ounce after a 1.3% fall on Friday. U.S. crude fell 16 cents to $64.42 a barrel following a 1.9% surge late last week. (Reporting by Nell Mackenzie in London and Rocky Swift in Tokyo; Editing by Dhara Ranasinghe, Jamie Freed and Bernadette Baum)
Zawya
2 hours ago
- Zawya
UAE model for business environment development, says InvestHK official
DUBAI - Charles Ng, Associate Director-General of Investment Promotion at the Invest Hong Kong (InvestHK), said that economic ties between Hong Kong and the UAE are experiencing steady and promising growth driven by shared interests, strategic location, and ambitious development visions. In statements to the Emirates News Agency (WAM), Ng described the UAE as a key economic and investment partner in the region. He praised the country's advanced regulatory framework and dynamic business environment, calling them synergistic with Hong Kong's role as a global financial hub and gateway to key Asian markets such as China, India, and Southeast Asia. He said that bilateral trade between Hong Kong and the GCC reached around US$21.6 billion in 2023, with a significant share attributed to growing economic exchanges between Hong Kong and the UAE. He highlighted the UAE's role as a launchpad for companies entering GCC and African markets. He noted rising interest from UAE investors, including major corporations and family offices, in exploring growth opportunities in Hong Kong. InvestHK, through its Dubai office, offers tailored programmes and direct support to facilitate market entry and expansion. Financial services remain a leading sector of cooperation, alongside strong momentum in FinTech, advanced manufacturing, logistics, and Islamic finance, Ng stated. He pointed to increasing interest from UAE banks in establishing offices in Hong Kong, alongside a shared focus on blockchain technologies, digital assets, and stablecoins. He added that regulatory authorities on both sides are cooperating to align frameworks, enhancing the sector's overall attractiveness. Ng said the financial services sector is a key focus for UAE investment in Hong Kong, given both economies' status as global financial hubs. As trade and commercial activity between Asia and the Middle East continues to expand, he noted a corresponding rise in demand for banking, insurance, and trade finance — areas where Hong Kong offers a strategic gateway for regional and international business. He also highlighted Hong Kong's efforts to attract family offices, citing a 2023 incentive package that includes a Capital Investment Entrant Scheme, offering residency in return for a minimum investment of $3.8 million. He said Hong Kong's transparent regulatory environment and broad financial product offerings have drawn growing interest from regional investors. Ng added that Hong Kong is keen to attract UAE small and medium-sized enterprises, particularly in hospitality, halal food, jewellery, and cultural products. Support includes tax incentives and investment advisory services. InvestHK operates a dedicated investment promotion unit in Dubai, helping Emirati investors and family offices from the planning phase to business establishment. He concluded that UAE-Hong Kong collaboration could unlock new potential in innovation, entrepreneurship, and sustainable growth. Ng said Dubai is well-positioned to become a regional industrial base, citing its advanced infrastructure and digital manufacturing progress. Chinese firms, he added, increasingly view Dubai as a strategic entry point to the Middle East and African markets, which together comprise a consumer base of over 3.7 billion people.
