Goldman Sachs has announced the creation of a new global funding and inventory management team in a bid to boost its prime services business.
An internal memo, seen by The Trade, confirmed Puneet Malhi and Cyril Goddeeris will become co-heads of equities, global funding and inventory management.
According to the memo the pair will work closely with Massimiliano Ciardi, global head of the synthetic products group and prime services strategy teams.
The memo said this move will “enhance the strong collaboration between global synthetics and prime services, leveraging expertise across the equities franchise.”
In addition to his new role, Malhi, who joined Goldman Sachs in 2000, will continue to serve as co-head of EMEA prime services and co-head of the global synthetic trading business.
Fellow co-head Goddeeris will also continue in his role as co-head of the global synthetic trading business, having initially joined in 2004.
The creation of the unit signals a clear intent for Goldman to boost its prime services business, after the bank lost its market share to JP Morgan, overtaking it to second place in the Coalition 2016 investment bank ratings, behind Morgan Stanley.
The memo also confirmed Kevin Kelly’s appointment as Goldman Sachs’ global head of securities lending as a replacement for William Conley, the banks previous head of the business.
Kelly is currently co-head of the US securities lending desk and was previously a member of the prime brokerage sales team.
Having initially joined Goldman Sachs in 2000, Kelly became managing director in 2009 and partner in 2014.