Goldman Sachs (GS) shares rose slightly on Monday as the bank said it is elevating seven partners from its asset and wealth division to its management committee, bringing the total count of Goldman partners on the crucial decision-making board to 46 members.
The move is the latest aimed at bolstering the prominence of the Wall Street bank’s asset manager arm. Known for its enormous dealmaking and trading operations, the major Wall Street bank is seeking to bolster its prominence as an asset and wealth manager.
Earlier this month, Goldman Sachs set new targets for its asset and wealth management division, including raising its returns forecast from the mid-teens to the high teens. The bank also boosted its quarterly dividend by $0.50 to $4.50.
“The opportunity to continue to grow our franchise across [asset and wealth management] is a core strategic objective for the firm,” Goldman Sachs CEO David Solomon said in a statement.
“This group of leaders will help us advance our goals as we continue to build a global, scaled AWM platform.”
The new members include four from Goldman’s asset management division: two co-heads of private credit, James Reynolds and Vivek Bantwal; Michael Brandmeyer, chief investment officer for the asset management division’s external investing group; and Gregory Calnon, global co-head of Public Investing. The committee’s three other new members come from Goldman’s wealth management division.
Goldman is also promoting former head of private wealth management, John Mallory, and Nishi Somaiya, former head of private banking, to be global co-heads of wealth management. Mallory and Somaiya will become management committee members, along with Kristin Olson, global head of alternatives within wealth management.