Goldman Sachs Group Inc., the U.S. bank that gets more than 60 percent of its revenue from trading, named James R. Paradise and Eiji Ueda co-heads of the firm’s securities division in Asia.
Paradise, who is based in London, and Ueda, who works in Tokyo, will move to Hong Kong to assume their new responsibilities, according to an internal memo obtained by Bloomberg News. They will report to Katsunori Sago, deputy president of Goldman Sachs Japan, and to David C. Ryan, president of Goldman Sachs Asia Pacific Ex-Japan.
Paradise and Ueda are assuming some of the responsibilities previously held by Yusuf Alireza, who left Goldman Sachs in November after 19 years at the company. Alireza, who oversaw the securities division in Asia, was promoted a year ago to be co-president of the Asia-Pacific region outside Japan with Ryan.
Goldman Sachs’s securities division, which handles sales and trading of equities, fixed-income, currencies and commodities, has been managed globally since 2008 by David B. Heller, Edward K. Eisler, Pablo J. Salame, and Harvey M. Schwartz. The company generated $14.2 billion in revenue from its institutional client sales and trading business in the first nine months of 2011, down 22 percent from a year earlier.
Paradise, 47, has been co-head of Goldman Sachs’s global securities services, futures and execution business since 2008, according to the memo. A British citizen, he joined the firm in 1989, was promoted to managing director in 2000 and became a partner in 2004. In his new role he will be a member of the Asia Pacific Management Committee as well as co-chair, with Ueda, of the Securities Division Asia Pacific Operating Committee, according to the memo.
Ueda’s Committee Memberships
Ueda, a Japanese citizen who joined Goldman Sachs in 1991 and has been a partner since 2002, has been co-head of fixed-income, currencies and commodities in Japan since 2009, according to the memo. He is co-chair of the Asia Pacific Risk Committee and is a member of the Asia Pacific Management Committee, Securities Division Asia Pacific Operating Committee, Korea Operating Committee and Firmwide Risk Committee.
Michael DuVally, a Goldman Sachs spokesman in New York, confirmed the contents of the memo, which was signed by Heller, Eisler, Salame and Schwartz. Reuters reported Paradise and Ueda’s new assignments earlier today.