New boss at Goldman Sachs JBWere

After 10 years as CEO of the Australian investment bank, Terry Campbell hands over the reins to Craig Drummond.
The man credited with forging the partnership between heavyweight Goldman Sachs and independent Australian broker JBWere has stepped aside as CEO of the merged entity. Terry Campbell will stay on as chairman of the bank, but has handed over day-to-day management to the groupÆs current chief operating officer, Craig Drummond.

Campbell spent 10 years as head of the business û six years under the banner JBWere, and the last four years under the brand Goldman Sachs JBWere after a successful partnership was formed in 2003 which saw the US investment bank take a 45% stake in the Australian business.

Since the deal, Goldman Sachs JBWere has made an aggressive push into corporate advisory, private equity and proprietary trading, running neck and neck with the likes of UBS and Macquarie Bank.

Last year, the firm was one of three global co-ordinators working on the A$15 billion Telstra 3 placement alongside UBS and ABN AMRO. Campbell himself headed up the T3 sales team.

In fact, the market had been expecting Campbell to name Drummond as his replacement for some time, but the announcement was delayed until after the T3 placement was completed.

Campbell joined JBWere in 1959 as a bond trader but quickly moved into equities which became his specialty. Known as one of AustraliaÆs pre-eminent brokers, he held several management roles with JBWere before becoming CEO including running the London office and heading the institutional broking and corporate finance businesses.

Prior to the tie-up with Goldman Sachs in 2003, JBWere was considered a quality equities brokerage with an enviable private client business but it has since become a full-service investment bank. This is exemplified in the bankÆs plan to raise a A$400 million wholesale private equity fund so that it can participate in leveraged buy-outs.

Drummond is CampbellÆs protTgT. He joined the firm in 1986 as a research analyst and then became head of research and head of equities before taking on the role of managing director corporate finance in 2001, and then COO. Drummond has worked on several of the bankÆs high profile equity deals including T1 and T2.

Drummond is only the eighth chief executive since the firm was founded in 1840.

Announcing his plan to step down, Campbell said: ôI feel now is the right time to ease back my executive responsibilities with absolute confidence that Craig has the breadth of experience, knowledge and character to ensure that the firm achieves its client service and growth objectives into the future. He has excelled in his role as chief operating officer and has consistently demonstrated the leadership qualities to guide Goldman Sachs JBWere through its continued growth and development.ö
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