Goldman Sachs hires Cai Wei as co-head of China investment banking

FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid

HONG KONG (Reuters) - Goldman Sachs GS.N has hired Cai Wei as partner and co-head of its China investment banking division, it said in an internal memo, which was confirmed by a Goldman Sachs spokeswoman.

This is the first time Goldman Sachs has hired a China partner from outside the firm.

Cai was formerly a partner at venture capital firm Fountainvest, and prior to that was co-head of China investment banking at UBSUBSG.S .

Fountainvest is a Chinese private equity firm founded by a group of former Temasek executives in 2007.

In his new role, Cai will work alongside Hong Ning, chairman of Goldman’s greater China investment banking division, and Zhu Hansong, co-head of its China investment banking division, according to the memo.

Reporting by Alun John and Kane Wu