Goldman Sachs Group has appointed Jonathan Penkin to the role of Head of Growth Markets – Equity Capital Markets (ECM), a newly created position at the lender, in a bid to push the importance of companies across Asia, Africa, and Europe with regards to global deal making and mergers and acquisitions (M&A).
Mr. Penkin had previously served Goldman Sachs as its co-Head of Asia-Pacific (APAC) and co-Head of ECM in the region simultaneously, however the new appointment will see him relinquishing both positions, paving the way for an eventual move from Hong Kong to London.
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Consequently, in his new role as the Head of Growth Markets, Mr. Penkin will be tasked with overseeing Europe, Middle East, and Africa (EMEA), as well as Asia, given increased investment activity kindled by heightened volatility and investment flows in 2015.
According to a recent memo from Goldman Sachs regarding the newly created position: “Growth markets are a key focus for the firm as corporate activity has intensified in these markets and investment flows have become more robust and volatile.”
Following the move, Goldman’s Aaron Arth will become the sole Head of ECM in Asia, excluding Japan, additionally overseeing both Australia and New Zealand. Mr. Penkin will be the regional chairman of that division.