Goldman Sachs Group’s asset management unit has hired Ashish Shah from AllianceBernstein to head its global corporate credit business, according to an internal memo at Goldman.
Shah, chief investment officer of global credit and head of fixed income for AllianceBernstein, is joining Gold Sachs Asset Management this summer, according to the GSAM memo. Shah will report to Jonathan Beinner and Andrew Wilson, co-heads of fixed income at GSAM.
A spokesperson for Goldman Sachs confirmed the contents of the memo.
Shah will also co-head GSAM’s cross-sector strategy and serve as co-deputy CIO of the group’s fixed-income business, Beinner and Wilson said in the memo.
It’s an important time to bring on a new senior executive in fixed income, which is GSAM’s largest asset class, Eric Lane, global co-head of Goldman’s investment management division, said in a phone interview. Lane pointed to Shah’s longtime experience in areas such as alternative credit, saying it would be a logical asset class in which GSAM could expand in the future.
At AllianceBernstein, Shah oversaw all of the firm’s credit-related strategies, including global and regional investment-grade and high-yield. He was in charge of the strategic growth of the asset manager’s $250 billion in fixed-income assets.
Before joining AllianceBernstein in 2010, Shah led the credit strategy team at Barclays. He had previously worked at Lehman Brothers Holdings from 2003 to 2008, according to his bio on AllianceBernstein’s website. Barclays bought Lehman during the 2008 financial crisis.
GSAM also announced in the memo that Tom Teles, global head of securitized and government-swaps investment strategies and co-head of the cross-sector strategy, is retiring after 21 years with Goldman.
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