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NEW YORK (Reuters) – Dina Powell McCormick, head of sovereign business at Goldman Sachs Group Inc (GS.N), will leave the company to join merchant bank BDT & MSD Partners, the company said on Tuesday. .
Powell McCormick, one of Goldman’s most senior women, will join the merchant bank as partner, vice chairman and president of global customer service, according to a statement from the new company.
The resignation was previously reported by The Wall Street Journal.
BDT & MSD Partners has an advisory and investment platform serving business owners and investors. The company was founded in January by a combination of BDT & Co and his MSD Partners. MSD Partners invests on behalf of Dell Technologies founder Michael Dell, his family and other investors.
The move will see Powell McCormick reunite with former colleague Greg Remkau, co-CEO of Merchant Bank, who once ran investment banking at Goldman.
Byron Trott, Chairman and Co-CEO of BDT & MSD, said, “She has demonstrated an unwavering dedication to her clients and has worked closely with many of the world’s leading families, founders and long-term investors. We have built a trusting relationship with them,” he said.
Powell McCormick has built deep relationships with the region’s largest sovereign wealth funds, including Saudi Arabia’s Public Investment Fund, which manages more than $600 billion in assets.
He also helped secure a top role at Goldman Sachs when Saudi Aramco (2222.SE) launched a record $29.4 billion initial public offering in 2019, bankers said. told Reuters at the time.
“We would like to thank Dina for her tremendous contributions to Goldman Sachs, our customers and employees, and wish her and her family the best of luck in the future,” Goldman Sachs CEO David Solomon said in a statement. there is,” he said.
Powell McCormick, who also led Goldman’s sustainability efforts, first joined Goldman Sachs in 2007. Over the next decade, she led the firm’s impact investment business and environmental markets group, deploying more than $5 billion in market-based loans and equity to advance sustainability. Economic development, according to the bank.
Powell McCormick returned to Goldman in 2018 after briefly serving as National Security Advisor to the Vice President in the administration of former President Donald Trump.
Earlier in his career, he served as Assistant Secretary of State for Education and Cultural Affairs and as Assistant Secretary of State for Public Affairs.
Powell McCormick is married to David McCormick, former CEO of hedge fund Bridgewater Associates. He ran for Senate in Pennsylvania last year and lost by a narrow margin to Mehmet Oz.
Reported by Ranang Nguyen and Saeed Azhar. Additional reporting by Hadir Al-Sayeg.Editing: David Evans
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