Bloomberg News

Goldman Sachs’s Machin to Depart After 20 Years With Firm

December 12, 2011

(Updates with China ranking in sixth paragraph.)

Dec. 12 (Bloomberg) -- Mark Machin, who ran Goldman Sachs Group Inc.’s investment banking business in Asia for six years, is leaving after two decades with the company.

Machin, 45, is stepping down from his position as vice- chairman for the Asia-Pacific region excluding Japan, according to an internal memo obtained by Bloomberg News. Edward Naylor, a spokesman for the firm in Hong Kong, confirmed the contents of the document.

A Goldman Sachs partner since 2002, Machin is considering taking a position with an investment business, two people with knowledge of the matter said, asking not to be identified as no final decision has been made. He will move to Hong Kong from Beijing in January, one of the people said.

Machin is the most senior manager at Goldman Sachs’s investment bank in Asia to depart since Ravi Sinha, co-head of the division for the region, stepped down in April 2010. Yusuf Alireza, the New York-based firm’s co-president of operations for the Asia-Pacific region outside Japan, left last month.

Machin, who trained as a doctor at Oxford University before joining Goldman Sachs, moved to Beijing from Hong Kong in 2009 to oversee the expansion of the advisory business in China, which was the world’s biggest generator of initial public offering fees last year according to researcher Freeman & Co.

Top M&A Adviser

Goldman Sachs is the second-largest arranger of stock and convertible bond sales overseas by Chinese companies this year behind Morgan Stanley and is third in advising on mergers, data compiled by Bloomberg show. The firm ranks 29th in the league table for domestic equity and convertible bond offerings.

For the first time since 2004, Goldman Sachs this year captured the top spot among arrangers of equity and equity- linked offerings in the Asia-Pacific region outside Japan, according to Bloomberg data. The firm also ranks first in mergers advisory in the region.

Machin, who became regional co-head of investment banking in 2005, stepped down from that position in February. In that role he had worked with William Wicker, Richard Ong and Sinha, all former co-heads of investment banking in Asia who left the firm as partners.

David Ryan, who was previously co-head of investment banking for Asia together with Machin, became sole president of Goldman Sachs’s operations in the region when Alireza left.

--Editors: Philip Lagerkranser, Mohammed Hadi

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net


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