Goldman Sachs JBWere AM head to depart

By Craig Phillips

GOLDMAN Sachs JBWere has flattened the executive reporting lines of its asset management arm resulting in the imminent departure of the business unit’s chief executive officer Michael Clarke and the creation of a new chief investment officer role.

Former US-based Citigroup global equity research head, Andrew Cooke, joins the group to take on responsibility of the asset management investment area, a task that was previously part of Clarke’s mandate as chief executive.

Goldman Sachs JBWere Asset Management managing director, Ian Ward-Ambler, says the timing of Clarke’s departure is “unclear”, as he will remain with the firm for an undisclosed transition period to the new structure.

“Michael and Andrew have already spent some time together, so it depends on our needs, and Michael is willing to co-operate so we’ll do all we can to ensure an orderly transition,” Ward-Ambler says.

The heads of the group’s operation, risk, institutional and retail divisions now report straight through to Ward-Ambler, as will Cooke, whereas previously they reported to Clarke.

As for Clarke, prior to joining GoldmanSachs JBWere, he was EquitiLink chief investment officer prior to its aquistion by Aberdeen Asset Management. Before this, he spent close to 10 years with Macquarie Bank — working primarily in Macquarie Investment Management as a division director.

Late last month the broader group realigned its marketing division as part of a move to focus more on product and trade promotion rather than advertisement of the recently merged business.