Goldman Sachs has taken advantage of the exodus of senior investment bankers from Deutsche Bank by hiring a new head of hedge fund sales.
Nohshad Shah, who was previously a managing director and head of rates hedge fund sales, joined Goldman Sachs in July, according to filings on the Financial Conduct Authority register.
Shah joined as head of interest rate product hedge fund sales for EMEA. He worked for Deutsche Bank for five years, having joined from BNP Paribas in 2010 from a rates sales position.
Before this, he was a portfolio manager at private equity firm Endeavour Capital, having previously spent a stint as an interest rates trader at Bear Stearns in 2001.
Deutsche Bank has been losing a number of senior people in its investment bank over the past few months, since it unveiled its new strategy that will see costs stripped out of the division.
Richard Herman, its head of fixed income currencies and commodities, was the most notable departure. Having announced his intention to “walk the earth” his LinkedIn profile has him pictured atop a mountain.
Overall, 309 front office investment bankers have departed Deutsche Bank since the end of 2014.
However, it’s not all one-way traffic. Richard Chin, a former managing director and head of cash equities sales at Standard Chartered, joined as head of Japan equity sales in July, while Quentin Thom signed up as head of hedge fund consulting.