Goldman Sachs has lured away Morgan Stanley’s chief of investment banking in Asia.
Kate Richdale will join Goldman as head of investment banking services for Asia, excluding Japan, according to an internal memo. She will be responsible for covering clients in the region.
She is coming aboard as a partner, which is unusual given the firm’s emphasis on a partnership culture that promotes from within, but is not unheard of. She will report to Dan Dees and Matthew Westerman, the co-heads of investment banking for the region.
Ms. Richdale, a 13-year veteran of Morgan Stanley, had been head of investment banking for the Asia-Pacific region since March 2011 and co-head from 2009. Prevously, she had been with JPMorgan.
Morgan Stanley, meanwhile, has appointed Dieter Turowksi and Shane Zhang as co-heads to succeed Ms. Richdale, according to an internal memo.
Mr. Turowski, who joined Morgan Stanley in 1988, had been global co-head of natural resources investment banking. Mr. Zhang, who joined in 1998, had been co-head of investment banking in China.
So far this year, Morgan Stanley ranks No. 2 with a 7.8 percent share of the market in the deal activity league table for Asia excluding Japan, behind Citic of China, according to Thomson Reuters data. Goldman is sixth, with a 4.4 percent market share.
Neil Gough contributed reporting from Ho! ng Kong.
