Mark Schwartz is returning to Goldman Sachs, and the region, as a vice-chairman of the firm and chairman of the business in Asia-Pacific. He will be based in Beijing, underscoring the importance of China — and, more broadly, Asia — to the firm’s overall business.
If you’re wondering what happened to Michael Evans, who has served as chairman of Asia-Pacific since 2004, he quietly started spending most of his time in New York back in 2010. In 2011 he became a vice-chairman of the firm and global head of growth markets.
It’s rare for Goldman to re-hire partners — you can pretty much count the cases on one hand. Edward Forst was one of the few other big executives to leave and be re-hired. He left Goldman in 2008, returned a year later and most recently helped run the firm’s asset management unit before retiring in 2011. But a quick glance at Schwartz’s CV makes it clear why the firm is sending out press releases publicising the hire.
Since 2006, Schwartz has been the chairman of MissionPoint Capital Partners, an investment firm he co-founded, which is focused on the transition to a lower carbon economy. He is also a member of the boards of directors of MasterCard and SoftBank. He previously served as a senior adviser to Soros Fund Management, starting in 2002, and then as president and CEO from 2003 to 2004.
Schwartz started his Goldman career in 1979 in the firm’s investment banking division. In 1985, he moved to fixed income where he founded and led the high-yield department until 1990. He was the head of the capital markets department from 1991 to 1997, when he moved to Tokyo and became president of Goldman Sachs Japan until 2001, as well as chairman of Goldman Sachs Asia from 1999 to 2001. He was named partner in 1988.
“We are pleased that Mark Schwartz is rejoining Goldman Sachs,” said Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs, in a statement. “He played a critical role in helping to build our businesses across Asia-Pacific, and those experiences and relationships will be even more important as we focus on continuing to help our clients and grow our franchise across the region.”
Schwartz will work with Masa Mochida, president of Goldman in Japan, and David Ryan, president for Asia-Pacific ex-Japan, to expand the firm’s franchise in the region. He will rejoin the firm’s management committee, on which he served from 1999, when the firm went public, until his departure in 2001.
“I’m very excited to be returning to Goldman Sachs and especially interested to be able to live and work again in Asia,” said Schwartz. “The Asia-Pacific region continues to represent many of the most dynamic and important economies in the world and I’m thrilled to help lead Goldman Sachs’ efforts as we respond to the multi-faceted needs of our clients.”
Schwartz is a trustee of NewYork-Presbyterian Hospital, a member of its executive committee and vice-chairman of its audit committee. He is on the executive committee of the Children’s Hospital of NewYork-Presbyterian and is also chairman of the Columbia Presbyterian Health Sciences Advisory Council. He serves on the board of trustees at Massachusetts General Hospital (MGH), as well as on the board of directors of the Ragon Institute of MGH, MIT and Harvard (formerly the Partners Aids Research Center). Much of Schwartz’s philanthropy at Harvard and MGH has been devoted to global health issues and biomedical research, with a particular focus on HIV/Aids and tuberculosis in southern Africa. Schwartz serves on various boards at Harvard College, Harvard Business School, the Harvard Kennedy School and Harvard Medical School.
