November 11, 2011 / 7:26 AM / in 6 years

UPDATE 1-Goldman Asia-Pac co-head Yusuf Alireza to retire - memo

* Yusuf was promoted to head Asia-Pac in January

* David Ryan now sole president of the region

* Yusuf joined Goldman in 1992 in fixed-income research

HONG KONG, Nov 11 (Reuters) - Goldman Sachs’ Asia Pacific co-head Yusuf Alireza is retiring from the investment bank after 19 years, according to an internal memo, with David Ryan becoming the region’s sole president.

Yusuf, who was made a partner in 2004, was promoted to co-head of Asia-Pacific ex-Japan earlier this year and had previously run the bank’s securities division in Asia, the memo said.

A Goldman spokesman confirmed the contents of the memo.

Yusuf joined Goldman in 1992 in the Fixed Income Industry Research Group in New York, and worked in London before moving to Hong Kong in 2008, the memo said.

Asia accounted for about 12 percent of Goldman’s global revenue in the first nine months of this year, down from about 19 percent during the same period in 2010, according to the bank’s third-quarter earnings report.

Goldman reported its second quarterly loss as a public company last month as its investment portfolio lost billions of dollars in value.

Other banks that have a co-head structure in Asia include Morgan Stanley, which is run by Bill Strong and Wei Christianson in the region.

Citigroup also had two Asian heads until Steve Bird was promoted to become sole CEO of the region earlier this month, with Shirish Apte becoming chairman.

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