Goldman Sachs has named Ken Hitchner chairman and chief executive officer of Goldman Sachs in Asia Pacific Ex-Japan after a flurry of visits from top management to the region, according to a memo seen by FinanceAsia on Tuesday.
Hitchner, 57-years old, replaces Mark Schwartz who stepped down as chairman of the region in 2016. Hitchner in turn will be replaced as president of Goldman Sachs in Asia Pacific ex-Japan by two bankers, James Paradise and Todd Leland.
Paradise is already based in Asia and runs the firm's biggest business in the region, securities. Leland is moving to Asia from London.
The memo was signed by chairman and CEO Lloyd Blankfein and co-presidents David Solomon and Harvey Schwartz, all three of whom have paid visits to the region. Solomon and Schwartz have been to the region twice in recent months to explore growth opportunities particularly in China, an unusual level of interest from top management at the firm, according to one person at the bank.
These visits are translating into support for growth initiatives and hires, and less of an onus on costs, the person said. Investment banks in the region have been tamping down on costs since around 2010.
On Monday the firm named new co-heads of Southeast Asia investment banking.
Prior to assuming his current role in 2013 as president of Goldman Sachs in Asia Pacific Ex-Japan, Hitchner was global head of the healthcare banking group and global co-head of the technology, media and telecom group at Goldman.
He joined Goldman Sachs in 1991 in the corporate finance department and joined the healthcare banking group as a founding member in 1995. He was named managing director in 2000 and partner in 2002.
Paradise and Leland
Paradise now serves as co-head of the securities division franchise in Asia Pacific, the biggest revenue-generator in the region. He joined Goldman Sachs in 1989 to build and lead Japanese equity-linked warrant distribution.
Paradise later established and led the European emerging markets business, and relocated to Asia in 2000, with responsibility for the prime brokerage business, derivatives sales and distribution to hedge funds.
Paradise became head of international global securities services in 2004 and co-head of global securities services, including clearing, futures and electronic execution, in 2008. He was named managing director in 2000 and partner in 2004.
Leland is now global co-head of the financial institutions group within the Investment Banking Division. Based in London, Leland is also responsible for the coverage of financial institutions across Europe, the Middle East and Africa.
Leland joined Goldman Sachs in New York as an associate in the financial institutions group in 1992 and relocated to London to co-head EMEA’s financial institutions coverage in 2007. He was named managing director in 2000 and partner in 2006.