FOLLOWING in the footsteps of Richard Campbell-Breeden (Asia) and Chris Barter (Moscow), Goldman Sachs is moving Matthew Westerman to Hong Kong to become co-head of its investment banking division for Asia outside of Japan.
Westerman, whose recent deals include the Prada IPO and the HSBC rights issue, was recently global head of equity capital markets in a year when Goldman ended up number one in every region. So he is certainly leaving London on a high. He will be co-head with Dan Dees, who was head of the financing group in Asia Pacific.
Goldman has a policy of offering jobs around the globe and Westerman’s move is being seen by some as a tremendous opportunity.
But it is not clear whether Westerman himself is totally enamoured by the move. He is part of a dynamic investment banking couple: his wife Sian is a managing director at Rothschild in London.
One source close to Goldman said he might try commuting in the way the late Brian Keelan once did after his days at UBS.
Westerman, who is currently based in London, will start working in Hong Kong on 1 April. He was out yesterday on a reconnaissance trip and could not comment on his move.
With Westerman going, the top equity capital markets job will transfer to Stephen Pierce in New York, which probably makes sense given how quiet things are currently in London and Europe.
REFLECTIONS ON TULLOW OIL
BarCap’s winning of the corporate brokership for FTSE 100 company Tullow Oil is another feather in the cap for the group’s investment banking ambitions.
Coming as it did in the same week as the bank’s US arm got on the roster for the Facebook IPO, there can be no doubting that BarCap is fast becoming a feared rival in most corporate pitches where once it would have been an also-ran.
Barclays’ chief executive Bob Diamond laughs off suggestions that he shows up to pitches for equity mandates, though some say his growing relationship with Tullow Oil chief exec Aidan Heavey played a part in the bank’s latest broking victory.
Morgan Stanley’s appointment as joint broker was being attributed in large part to Andrew Foster, who used to be Tullow’s long-time broker when he was at RBS Hoare Govett. Hoare Govett did not even pitch this time around, leaving the way clear for Foster’s new employees.