Goldman Sachs said on Monday that Aaron Arth and Iain Drayton will become co-chief operating officers of its investment banking division in Asia excluding Japan, according to a memo seen by FinanceAsia.
Goldman’s senior management team has been through a major shakeup in Asia this year as a scandal surrounding the New York-headquartered firm’s involvement at the Malaysian state investment fund 1MDB has grown.
In their expanded roles, Arth and Drayton will work closely with Todd Leland to drive commercial initiatives. They will continue to maintain their respective product and coverage responsibilities.
Arth heads Goldman’s financing group in Asia excluding Japan. He joined Goldman Sachs in 1996, was named managing director in 2007 and partner in 2014.
Before he relocated to Hong Kong in 2015, he was based in New York and was head of Goldman’s real estate, gaming and lodging, and consumer retail financing businesses in equity capital markets.
Goldman is top of the equity capital markets league tables for Asia excluding Japan year-to-date. The US investment bank has been bookrunner on deals that account for about 62 cents in every dollar raised in the Hong Kong IPO market this year.
Goldman has advised on such equity deals as China Tower’s $7.5 billion Hong Kong IPO in August, the largest IPO globally since 2015, as well as Xiaomi’s $5.4 billion Hong Kong IPO in June, and Meituan Dianping’s $4.2 billion Hong Kong listing in September.
Drayton covers financial sponsors across the Asia Pacific region and heads investment banking services in Asia excluding Japan. Drayton joined Goldman Sachs as a managing director in 2006 and was named partner in 2014.
Before joining Goldman, Drayton spent six years at Nikko Citigroup, where he ran
Japanese financial sponsor coverage. Earlier in his career, he worked for five years
at SBC Warburg in the London and Tokyo corporate finance divisions.
Goldman has advised on private equity deals this year that include the KKR-led consortium’s $1.56 billion acquisition of LCY Chemical announced in July, as well as TPG Capital and MBK Partners’ sale of WTT HK to HKBN for $1.3 billion in August, and Partner Group’s sale of Trimco to CNC Investment for $520 million in January.
Drayton earned a diploma in Mandarin and economics from the University of
International Business and Economics in Beijing in 1991 and an MA, first class with
distinction, in Japanese studies from Trinity Hall College, Cambridge University, in 1995.
In the third quarter, Goldman’s Asia division accounted for just 14% of the bank’s global revenues, down from 17% in the same period last year.