Goldman Sachs Group Inc. said Martin Wiwen-Nilsson, co-head of global commodities sales and a partner since 2008, is leaving the firm and that Colleen Foster will become sole leader of the unit.
Wiwen-Nilsson, who runs commodity sales in the Asia Pacific region as well as Europe, Middle East and Africa, will retire after 21 years at the New York-based bank, according to a memo obtained Monday by Bloomberg News and signed by Isabelle Ealet, Pablo Salame and Ashok Varadhan, co-heads of the trading businesses. Michael DuVally, a spokesman, confirmed the contents of the June 24 memo.
Goldman Sachs has stayed committed to commodities even as regulators consider rules that would force banks to reduce their influence in markets for raw materials such as oil, gas and precious metals. The firm generated the most commodities revenue of any bank in 2014 as competitors including JPMorgan Chase & Co. scaled down, according to a March report from Coalition, a London-based business analytics firm.
Foster was named a partner, the company’s highest rank, in 2006 and has run the sales operation in the Americas since 2013, according to a separate memo obtained by Bloomberg and signed by Tom Cornacchia and Dalinc Ariburnu.
Wiwen-Nilsson joined Goldman Sachs in 1994 and assumed supervision of commodities sales in EMEA and Asia Pacific region in 2013, according the memo announcing his retirement. Commodities sales in that region will continue to report to the local sales management, according to the memo announcing Foster’s appointment.
Industry publication SparkSpread.com reported the moves earlier Monday.