MOSCOW Feb 17 U.S. investment bank Goldman
Sachs has appointed two heads of investment banking in
Russia, according to an internal memo seen by Reuters.
These are new positions and show the bank's commitment to
the Russian market where investment banks as a whole have had a
modest increase in revenues over the last year.
Sergei Arsenyev and Dmitri Sedov will become co-heads of
investment banking, the memo sent on Friday said. They will be
working with Paolo Zannoni and Nick Jordan, co-chief executive
officers for Goldman in Russia.
Arsenyev joined Goldman in 2000 in Russia and was focused on
coverage of family offices and the government. Sedov joined in
2007 in the investment banking division and has focused on
technology, media, telecoms, infrastructure, industrials and
International investment banks can find Russia a tough
market, where state-controlled VTB and Sberbank
have big market shares.
Last year, VTB ranked No. 1 for investment banking with 12
percent of the fees, while Sberbank and JPMorgan tied
for second place with nearly 7 percent and Goldman was seventh
with 4 percent, according to Thomson Reuters data.
Total investment banking fees in Russia earned throughout
2013 totalled $805.5 million, up 3 percent from 2012, according
to Thomson Reuters figures.
While equity capital markets issuance increased 8 percent
last year, debt capital markets issuance fell 4 percent and
mergers and acquisitions slumped 51 percent to its lowest annual
total since 2009 when measured by Russian targets.
Goldman ranked second for Russian equity capital markets
underwriting last year, according to Thomson Reuters data.
Goldman is among the banks organising the stock market
listing of German retailer Metro's Russian
cash-and-carry unit, sources familiar with the transaction have
previously said. [ID nL5N0LC18Y]
Goldman Sachs declined to comment.