Goldman Sachs fintech spinoff in firm growth mode

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Goldman Sachs fintech spinoff in firm growth mode

Late last year, Goldman Sachs agreed to sell a majority stake of its online platform for retail bond investors to a group of rivals including J.P. Morgan, HSBC, Credit Suisse and Barclays, among several others. The idea was to make its Simon platform an independent entity and ease concerns of other banks that were reportedly hesitant to use the product when it was under Goldman’s sole ownership. With the deal now closed and Simon free to operate independently, the company is better positioned for growth and is adding talent.

“The only reason Goldman would sell its majority stake is because they thought it would gain way more traction out from underneath its own umbrella,” said one economist-turned-recruiter who has been following the company. “With those other big names on board [as investors and issuers], expansion is all but a certainty.”

Jason Broder, the former head of the private investor products group at Goldman Sachs who was named CEO of Simon Markets as part of the spinoff, didn’t return a request for comment on the firm’s growth plans.

Perhaps the biggest indicator of a potential hiring run is the fact that Simon Markets is actively looking to bring on a head of human resources, according to the headhunter. It’s also in the market for a platform sales specialist. In December, Simon added a head of finance, a chief technology officer and a head of distribution as it relaunched in its current form in New York, according to LinkedIn. It has also recently made several other outside hires, including adding a few engineers.

Broder left Goldman alongside former managing director Timur Kocaoglu, Simon’s new chief operating officer, and Joseph Giordano, another former member of Goldman’s investor products team who now leads business development at Simon. Many other former Goldman Sachs alumni migrated to the fintech company alongside Broder and company, most with shiny new job titles.

Courtney Morgan, a former vice president handling compliance within Goldman’s securities business, is now Simon’s chief compliance officer. Fellow former Goldman VPs Jillian Altamura, Bekka Marrs and Bindiya Jadhwani were named as Simon’s head of structured investment solutions, head of platform solutions and head of strategy and execution, respectively, following the spinoff.

It’s safe to assume Simon Markets will be adding additional headcount as it moves forward as an independent firm, especially with new investors positioned to use the platform themselves. Getting a head of HR in place should help expedite the process.

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