Ex-Goldman Partner Teague Taps Big Names for Boutique AdviserBy
Teague sets up firm with son of former HSBC Chairman John Bond
Ex-AIG chief Hank Greenberg’s firm provides financial backing
Teresa Teague, a former Hong Kong-based partner at Goldman Sachs Group Inc., is teaming up with other well-connected dealmakers to start a boutique investment advisory firm linking Chinese investors with foreign deals.
The banker started Hong Kong-based TTB Partners Ltd. this month with co-founder Jonathan Bond, she said in a Nov. 28 interview in the city. Her partner in the venture, who is the son of ex-HSBC Holdings Plc Chairman John Bond, has experience in venture capital investment and previously worked as a vice president at Merrill Lynch.
TTB has received financial backing from C.V. Starr & Co., the financial services firm run by former American International Group Inc. Chairman Maurice “Hank” Greenberg, and three family offices in Hong Kong, according to Teague.
Teague follows other bankers in the region who have been setting up their own firms as Asian buyers announced a record $810.6 billion of acquisitions in 2015. Four former employees of Barclays Plc’s Hong Kong-based team started Quintus Partners last year, while Anthony Steains led a spinoff of Blackstone Group LP’s Asian M&A advisory business.
“I’ve seen how the big banks operate. I’d like to create a nimble organization using our experience and connections to help Chinese investors navigate overseas acquisition opportunities,” Teague, 46, said. “There’s a gap we think we can fill -- those deals which are less obvious.”
Teague, most recently a managing director and head of the consumer retail group for Asia Pacific ex-Japan at Goldman Sachs, left the U.S. investment bank in June after a stint of nearly two decades. She first joined Goldman Sachs in 1993 as a financial analyst in New York and rejoined in 1997 in the advisory group in London after graduating from Harvard Business School.
The banker moved to Hong Kong from New York in 2008 and was named partner two years later. During Teague’s tenure, Goldman Sachs worked with Italian fashion brand Prada SpA on its $2.5 billion Hong Kong IPO in 2010. It also advised Australian vitamin maker Swisse Wellness Group Pty on its $867 million sale last year to China’s Biostime International Holdings Ltd., data compiled by Bloomberg show.
Advisers to TTB include Chuck Chai, a fellow Harvard graduate and the chief investment officer at Hillspire LLC, the family office of Alphabet Inc. Chairman Eric Schmidt, according to Teague. Representatives for Hillspire and Starr Cos. didn’t immediately respond to e-mails and phone calls seeking comment.
TTB has hired Chris Scoular, the former chief financial officer at CLSA Ltd., for the same position at the boutique adviser, Teague said. Also among those who have joined TTB is Max Johnson, a former Goldman Sachs mergers and acquisitions banker whose half brother is U.K. Foreign Secretary Boris Johnson.
— With assistance by Sonali Basak, and Tom Metcalf