By Lawrence White and Michael Flaherty
HONG KONG, March 15 Goldman Sachs Group Inc
has appointed Steven Barg to a newly created role in New
York, moving the veteran Asia equity capital markets banker to
the firm's headquarters less than six months after he took on a
senior role in Singapore.
Barg's title will be head of M&A capital markets, a role
that will involve advising the firm's clients on the equity
market implications of their merger and acquisitions activities,
according to a memo obtained by Reuters.
Barg, an American citizen, will move in April to New York,
the city where he spent the early part of his banking career.
Barg joined Goldman from UBS in May 2010 as co-head of
equity capital markets in Asia in Hong Kong.
In a rare move, Goldman hired him as a partner. Barg was
seen as a major win for the U.S. investment bank as he was part
of a senior team of bankers that led UBS's dominance of the
equity capital markets business in Asia.
In 2011, Goldman was the number one equity capital markets
underwriter in Asia, excluding Japan, according to Thomson
Reuters, beating UBS to the top spot for the first time in seven
years. The US investment bank repeated the feat in 2012.
Prior to the 2008 global financial crisis, top banks in Asia
were earning hundreds of millions of dollars in fees from the
hot IPO markets. But initial share offerings from the region
dried up last year, leaving Goldman with several senior equity
capital market (ECM) bankers in Hong Kong as demand for their
In July 2012, Goldman announced that Barg was re-locating to
Singapore to become co-head of Southeast Asia investment
banking, at a time when the region's M&A and IPO markets were
heating up while Greater China's had cooled down.
Southeast Asia remains active this year, with Thailand's BTS
Group Holdings filing for a record $2.1 billion IPO on Friday,
the latest of a string of bumper offerings.
Barg's departure from Singapore leaves Hsin Yue Yong as
Goldman's sole head of Southeast Asia investment banking,
according to a source with direct knowledge of the matter.
Barg grew up in the United States and graduated from
Wesleyan University and Stanford University. Moving to New York
will bring him closer to his children, who are studying in
Connecticut and New Hampshire.
Barg's move is the second major change in Goldman's Asia
investment banking leadership this month. Kate Richdale, a
former top banker for Morgan Stanley in Southeast Asia, joined
Goldman as head of Asia investment banking services.