Goldman's Sheila Patel, chairman of US$1.8t asset-management unit to retire

[NEW YORK] Sheila Patel, chairman of Goldman Sachs' asset-management unit, is retiring from the US$1.8 trillion division after almost two decades at the firm.

Ms Patel is among the company's most senior women and shepherded some of Goldman's highest-profile relationships with investors around the world. She will step down from the partnership and become an advisory director in the new year, chief executive officer David Solomon said in a memo to staff Monday.

"Sheila has contributed to our culture, including by serving as a mentor to many Goldman Sachs professionals around the world," Mr Solomon said in the memo. "I look forward to benefiting from her continued counsel."

Ms Patel rose to Goldman's highest ranks in 2006 when she was named partner within three years of joining the firm. Part of the bank's management committee in Europe, she's overseen the fast-growing areas of environmental, social and governance and impact investing.

Prior to joining the asset-management unit, she worked in various roles in the equities division, including as co-head of distribution in Asia and head of US derivatives sales.

BLOOMBERG

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