Strategy & Practice Management

Goldman Sachs Targets Expansion in Asia, Plans Increased Hiring Across Key Markets

Goldman Sachs' asset and wealth management division intends to increase its workforce in Asia, identifying the region as a crucial area for growth.

The firm has plans for a steady expansion in key markets including Singapore, Australia, Hong Kong, and Dubai—the latter being significant due to its large Indian expatriate community, second only to the US.

In a discussion with the Straits Times, Marc Nachmann, Goldman's global head of asset and wealth management, emphasized the substantial opportunities Asia presents. He highlighted that Singapore's staffing has grown by 30 percent over the past three years, accompanied by an increase in family offices establishing in the city. By the end of 2023, Goldman Sachs Private Wealth Management ranked as the eighth largest private bank in the area, managing $100 billion in assets, marking an 11.1 percent increase from the previous year.