Goldman Sachs’ co-head of financing Asia Pacific ex-Japan Jonathan Penkin is moving to London to head ECM across growth markets, according to an internal memo seen by FinanceAsia.
Penkin who is also the US investment bank’s co-head of Asia ex-Japan ECM will transition into the new role over the next few months.
Once he has moved, Aaron Arth will become sole head of ECM in Asia ex-Japan with oversight of Australia and New Zealand. Penkin will become chairman of ECM in Asia ex-Japan.
Penkin was named co-head of the financing group last year. The financing group comprises all of Goldman’s capital markets departments and operates in close cooperation with other parts of the firm, including equities and fixed income, currency and commodities (FICC) to structure and execute large, complex financing and risk-management transactions.
Penkin will continue to be involved in Asian equity and financing activities and remain focused on the region, predominantly China, while also supporting Goldman’s Central Europe, Middle East and Africa growth markets team in London.
During Penkin’s career in Asia he has worked on the IPOs of Agricultural Bank of China, Samsonite, AIA, PICC Group, CPIC, Cinda, Galaxy Securities and Dalian Wanda.
Some of the recent, high profile deals he has worked on include Chevron's exit of Caltex and Daiichi Sankyo’s sale of its Sun Pharma stake.
He has seen Asian ECM mature over the years – moving from a primarily IPO market to a much deeper, broader business that includes a greater percentage of blocks, convertible bonds and private placements.
In China he has seen the shift from the public debuts of large state-owned enterprises to the IPOs of privately held companies including Alibaba.
In line with the market Goldman’s Asian ECM business has evolved from a few large blocks a year in 2005 to around 40 block trades a year recently.
Background
Penkin joined Goldman Sachs as a managing director in 2006 and was named partner in 2010.
Prior to joining the firm, Penkin was a managing director at NM Rothschild & Sons, where he worked for 14 years in the investment banking division.
He was also a managing director at Rothschild’s equity capital markets joint venture, ABN AMRO Rothschild.
Penkin is a member of the International Advisory Board of the Harold Hartog School of Government and Policy in the Gershon H. Gordon Faculty of Social Sciences at Tel Aviv University.
Penkin earned a BA in Political Science from the University of Cape Town in 1986, an MA in Political Science, cum laude, from the Hebrew University of Jerusalem in 1990 and a BA in Law from University College, Oxford, in 1992.
Arth moved to the region earlier this year to take up the role of co-head of equity capital markets for Asia ex-Japan.
Prior to this transition, Arth was based in New York and was the head of the real estate, gaming and lodging, and consumer retail financing businesses in equity capital markets.
Arth joined Goldman Sachs in 1996 as a member of the real estate group in the investment banking division.
Arth transferred to equity capital markets in 1998 and later held positions on the convertible and derivatives desk. He was named managing director in 2007 and partner in 2014.
Aaron earned a BS in Finance, with highest honors, from the University of Illinois in 1996.
