Canute Dalmasse, Goldman Sachs Group Inc.’s co-head of equities distribution and execution for Asia-Pacific, has resigned, becoming the fourth senior executive to depart the bank’s equities business in the region since April.
(Bloomberg) — Canute Dalmasse, Goldman Sachs Group Inc.’s co-head of equities distribution and execution for Asia-Pacific, has resigned, becoming the fourth senior executive to depart the bank’s equities business in the region since April.
Dalmasse, a 21-year Goldman veteran and a partner, is leaving less than a year after the New York-based bank reshuffled the leadership at its securities division, according to an internal memo. A Hong Kong-based spokeswoman confirmed the departure.
Goldman has lost more senior leaders in the equities business in the region than other Wall Street firms in the past year, with several executives exiting after spending at least two decades with the bank. Globally, while it lost its stock-trading rainmaker Joe Montesano and partner Riccardo Riboldi this month, Goldman’s broader equities business pulled ahead of JPMorgan Chase & Co.’s and Morgan Stanley’s in both 2021 and 2022, with cumulative revenue of almost $23 billion.
Dalmasse joined Goldman in 2002 as an international sales trader in New York and relocated to Hong Kong in 2006. He served as head of Hong Kong Equities Sales Trading and later as co-head of Execution Services in Asia Pacific. He was named managing director in 2009 and partner in 2016.
Ben Ferguson, a 25-year veteran, last year retired as co-head of Asia-Pacific equities, while prime brokerage executive Padideh Raphael, relocated to New York for a new role in asset management. The firm shifted Robert Drake-Brockman to Asia last year run the equities business with Dalmasse. Ben Clifford, co-head of equities division in Australia, also resigned in December to join a client’s business, ending more than five years with Goldman Sachs.
Montesano, who joined the firm in 1999, is stepping down as head of equities trading for the Americas and leaving to take a break. He was a key player in Goldman’s ascent to the industry’s No. 1 rank in equities for two straight years. Riboldi quit as a partner and is headed to multi-strategy hedge fund Schonfeld Strategic Advisors, which has been on a hiring spree.
Multi-strategy hedge funds are aggressively poaching from banks. JPMorgan Chase & Co. 15-year veteran Camille Modiano, co-head of equities for Asia-Pacific, left the firm late last year after almost 15 years to join Millennium Management LLC. He was the second senior equities executive to leave the New York-based bank in the region, following the departure of Ryan Holsheimer in the same year.
(Adds Goldman is top-ranked equities house globally in third paragraph)
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