* Bicudo, Pereira are Goldman veterans in M&A, DCM
* Wainstein was one of two partners based in Brazil
* Goldman seeks growth in Brazil with complex products
By Guillermo Parra-Bernal
SAO PAULO, March 6 Goldman Sachs Group Inc
named bankers Fabio Bicudo and Antonio Pereira as
co-heads of investment banking in Brazil, where the U.S. firm is
seeking to leverage growth in fast-growing activities such as
structured finance and corporate lending.
Both bankers were co-chief opperating officers of Goldman's
investment-banking unit in Brazil prior to the appointment,
according to a memo obtained by Reuters on Wednesday. Both
Bicudo and Pereira are veterans of the New York-based firm,
where the former worked in mergers and acquisitions primarily
and the latter worked in debt capital markets deals for some
The appointments came the same day that Goldman Sachs
announced that Daniel Wainstein, chairman of the
investment-banking unit in Brazil, plans to retire from the firm
after 13 years. Wainstein has been a partner of Goldman Sachs -
one of the two that the firm has in Brazil - since 2010.
"As co-heads, Fabio and Antonio will continue to develop our
strategy and strengthen our developing client franchise in this
important market," the memo said.
Goldman Sachs is seeking fast growth in Brazil, where demand
for debt and hedging instruments has swelled as interest rates
have fallen to all-time lows this year. Companies and investors
are stepping up demand for corporate bonds, asset-backed
securities and private equity fund-related vehicles posting
higher returns than equities and government debt.
Its investment bank ranked eighth in mergers and
acquisitions in Brazil last year, with $14.56 billion worth of
advisory work, according to Thomson Reuters data. In terms of
equity underwriting, Goldman Sachs was the fourth-biggest earner
from share offerings in Brazil with about $700 million in
proceeds. It failed to make any of the first 15 spots in global
debt underwriting for Brazil in the Thomson Reuters rankings.
The lender has been expanding aggressively in Brazil since
2009, when it became a full-service financial institution. The
bank, which last year increased the capital of its Brazilian
unit to about $400 million, has doubled its workforce in the
South American country over the past two years to approximately
A spokesperson for Goldman in Brazil declined to comment on
the appointments or Wainstein's departure.