Sheila Patel, chairman of Goldman Sachs Group’s $1.8 tn asset management unit, retires

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Sheila Patel will remain at Goldman Sachs in an advisory role (Source: Goldman Sachs)

Sheila Patel, who is retiring, has been in her capacity as chairman since 2006 in a division that has seen its share of challenges. 

Sheila Patel is stepping down from her position as the Chairman of Goldman Sachs Group Inc Asset Management Unit, a 1.8 trillion division after almost two decades at the organization. Patel is one of the most senior women at Goldman and has handled some of the highest-profile relationships with investors across the globe. 

On Monday, Chief Executive Officer David Solomon in a memo stated that Patel will step down and be an advisory director in the new year: “Sheila has contributed to our culture, including by serving as a mentor to many Goldman Sachs professionals around the world.” Senior partnership ranks have been shrinking at Goldman Sachs. Amongst it’s challenges as it seeks to boost its private fundraising has been those senior position movements

Patel acquired the highest rank at the company in 2006. Three years later, she was named partner. As part of the asset management unit, she has monitored environment, governance, and social impacts on investing. She worked in various roles in the equities division, including as co-head of distribution in Asia, and head of US derivative sales before becoming a part of the asset management unit. 

Patel was promoted to Goldman’s Management Committee soon after Solomon became the CEO. 

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