If you’re working in IBD, buy-side moves are both coveted and common. But more often than not they’re connected to your sector of expertise.
In the past few weeks, Goldman Sachs bankers have demonstrated the art of moving to the buy-side to a role relatively unrelated to what they were doing previously.
Take Rick Lawrence, an executive director in Goldman’s financial sponsors group. He spent over 13 years at Goldman in various roles including equity capital markets and corporate broking, but has just moved across to Montagu Private Equity to as director of investor relations.
Investor relations is increasingly the place for investment bankers looking for a change. Owen Price, a VP in investment banking at Morgan Stanley, recently moved to Cybg Plc, the holding company that owns Clydesdale Bank and Yorkshire Bank in the UK, as a director in investor relations.
Goldman bankers are switching to the buy-side at a point in their career when they’ve seemingly missed the boat. Most PE firms hire banks’ analysts and associates and then train them up to be investors, but having Goldman on your CV opens doors. Michael Casey, a managing director and head of EMEA retail investment banking at Goldman Sachs, has just been hired by PE firm L1 Retail.
Goldman’s juniors are, however, being still targeted by PE firms and often leave after a matter of months working in IBD at the bank. The latest junior to leave Goldman Sachs for PE is Mats Heimes, an analyst in Goldman’s M&A team who focused on retail and healthcare deals.
He’s just joined Summit Partners, a $17bn venture capital and private equity firm, as an associate focused on healthcare and life sciences. He spent over two years at Goldman, having joined in 2015 after securing a first class degree in finance from the London School of Economics.