Goldman Sachs loses an Asia co-head to a $23bn hedge fund

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A Hong Kong-based Goldman Sachs managing director has left the bank after more than nine years to join US hedge fund Canyon Partners.

Wai Yip moved to Canyon Partners, which has more than $23bn in assets under management, last month as a managing director. He is still based in Hong Kong, according to a source close to Canyon.

Yip had been with Goldman in Hong Kong since June 2008, latterly as co-head of Asia ex-Japan credit sales. His departure comes as Goldman is actually trying to rebuild its top ranks in North Asia following a cull of MDs in 2016. Goldman’s IBD co-head Gregg Lemkau said late in August that he wanted to add more senior people in the region.

However, as we’ve reported recently, the US bank has lost some significant employees in Hong Kong. Michael Chandler, head of Hong Kong equity one delta sales and head of Southeast Asia one delta research sales at Goldman, moved to HSBC in August as head of equity sales Asia Pacific.

Last month, Standard Chartered hired Goldman executive director Jonathan Cher as head of private side financing for Greater China and North Asia.

Yip began his career at Scotiabank in 2000, where he worked for four years and became an associate director. He was a director at Deutsche Bank from 2004 to 2008 before joining Goldman.

Canyon Partners, an employee-owned hedge fund founded in 1990 in Los Angeles, has more than 220 people globally.

Image credit: Tsuji, Getty

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