(Bloomberg) -- Goldman Sachs Group Inc. hired veteran dealmaker Wei Cai as co-head of its China investment banking business, making him a partner in a rare move as the firm seeks to capitalize on the nation’s financial-market opening.
Previously at private equity firm FountainVest Partners Co., Cai will head the business alongside Beijing-based Zhu Hansong, according to a memo obtained by Bloomberg. Edward Naylor, a Hong Kong-based spokesman, confirmed the appointment.
Cai, who will be based in Hong Kong, is the first person to be hired by Goldman Sachs as a partner for its business in China, where authorities have pledged to allow foreign firms to take majority stakes in local brokerage ventures. Goldman Sachs is among global banks that have signaled an interest in the move.
Cai joined FountainVest in 2015 and was most recently a partner at the firm. Before that, he spent five years at UBS Group AG, where he was co-head of China investment banking and Asia vice chairman.
The last person to run China investment banking from Hong Kong was Matthew Westerman, who was appointed to the role in 2012. Westerman left Goldman Sachs in 2016.
©2018 Bloomberg L.P.