(Updates with Sinha departure in third paragraph.)
Nov. 11 (Bloomberg) -- Yusuf Alireza, who was promoted to co-president of Goldman Sachs Group Inc.’s operations in the Asia-Pacific region outside Japan in January, is leaving after 19 years with the company, according to an internal memo.
David Ryan will remain as president of the business, according to the memo from Goldman Sachs Chief Executive Officer Lloyd C. Blankfein, Chief Operating Officer Gary D. Cohn, and Vice Chairman J. Michael Evans. Goldman Sachs spokesman Edward Naylor confirmed the contents of the document.
Alireza, 41, is the most senior departure from Goldman Sachs in the region since Ravi Sinha, former co-head of investment banking for Asia ex-Japan, stepped down in April 2010. Alireza was among four Asia-based members of the firm’s global management committee.
Goldman Sachs’s net revenue from Asia shrank to $7.1 billion last year from $8.3 billion in 2009, according to data compiled by Bloomberg. Morgan Stanley’s net revenue from the region more than doubled last year, to $4.3 billion. At 18 percent, Asia still accounted for a greater share of Goldman Sachs’s overall revenue than at Morgan Stanley, which got 14 percent of its total from the region last year, the data shows.
Alireza has no plan to join a rival company, said a person with knowledge of the matter who declined to be identified. Goldman promoted him along with Ryan in January, with Alireza overseeing trading operations and Ryan focusing on advisory services such as arranging mergers and managing stock sales.
Alireza joined the firm’s fixed-income research group in New York in 1992 and had held positions in fixed-income sales and hedge fund sales, rising to become a partner in 2004, according to the memo. He moved to Hong Kong in 2008 to run the securities division in the Asia-Pacific region.
Goldman Sachs, based in New York, last month reported its second quarterly loss in 12 years as a public company as the firm lost money on investments. Still, revenue from trading stocks and bonds rose 16 percent from the second quarter and the backlog of investment-banking assignments climbed, the firm said.
Buckley Ratchford, Goldman Sachs’s head of global bank loan trading and distressed investing, and Blake W. Mather, who runs bank loan sales at the firm, are leaving at the end of this year, according to internal memos.
--Editors: Philip Lagerkranser, Chitra Somayaji
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