Global investment bank Goldman Sachs Group Inc has promoted 78 individuals at the company as partners, including around half a dozen of Indian origin, according to a statement. The newly promoted individuals will become partners of the firm as of January 1, 2015.
Goldman Sachs announces partner promotions every two years. In 2012, the New York-headquartered investment bank had promoted 70 partners of which at least three were of Indian origin. In 2010 it named 110 partners while in 2008 – at the peak of the financial crisis – the firm picked 94 new partners.
With the new addition, there are now 467 partners at Goldman Sachs, an investment bank that has more than 30,000 employees.
“These appointments recognise some of the firm's most senior professionals and acknowledge their embodiment of our culture and values, and their leadership of the firm’s business and people,” said Lloyd C Blankfein, chairman and CEO of Goldman Sachs.
“We look forward to their continued strong performance and leadership in the years ahead,” Blankfein added.
The list includes at least five new partners of Indian origin namely Meena Lakdawala Flynn, Manikandan Natarajan, Kunal Shah, Rajesh Venkataramani and Umesh Subramanian.
Kunal Shah, an emerging markets trader based in London, is the youngest among the new partners as he has been named as Goldman Sachs Partner at the age of 32. Shah, who graduated from Cambridge University with a mathematics degree, was promoted to managing director at the age of 27. He was also named in the Forbes' 30 under 30 Finance list in 2011.
However, he is not the youngest ever or for that matter the youngest ever of Indian origin to become partner at Goldman Sachs. That record is held by Eric Mindich, who became partner at the age of 27 in 1994. He later quit to launch hedge fund Eton Park.
Dhruv Piplani, holds the record of becoming youngest ever partner of Indian origin at the haloed Wall Street bank. He did so at the age of 29 four years ago.
The list includes 23 employees from investment banking, 25 from securities, 11 from investment management, four from merchant banking, three from research and 12 from what is known as "the Federation," which includes back- and middle-office roles.
Of the total, an overwhelming 50 work in the US, with just 19 representing EMEA and eight coming from APAC.
Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. The company went public in 1999.
Here's the full list:
Meena Lakdawala Flynn
Kunal Shah (London)
Richard L. "Jake" Siewert
Mark Van Wyk
(Edited by Joby Puthuparampil Johnson)