Goldman Sachs named Udhay Furtado and Harry Naysmith as co-heads of its investment banking division in Southeast Asia, according to a memo seen by FinanceAsia on Monday.
Furtado joined Goldman Sachs in 2006 as an executive director in the US investment banks’ Financing Group in Hong Kong and was named managing director in 2009.
He previously led the equity capital markets business in Southeast Asia after relocating to Singapore in 2009 and transitioned to a broader coverage role in 2013.
Naysmith joined Goldman Sachs as a senior advisor in 2013 to lead the investment banking business in Indonesia and was previously the country executive and head of global banking and markets for the Royal Bank of Scotland in Indonesia.
Goldman cut headcount hard in Southeast Asia back in 2015, taking headcount down from around 45 bankers to nearer 25. Raghav Maliah stepped up to take responsibility for Southeast Asia deals after Michael Smith retired last year.
Hsin Yue Yong, Goldman Sachs’ previous head of investment banking for South East Asia, left the US investment bank in early 2015 after a weak year for across the investment banking industry in 2014.
Yong has been with Goldman 18 years, largely in Singapore. Tim Leissner, who was named chairman of Southeast Asia in 2014 also left in February 2016.