Goldman Sachs expands TPD team
Jessica Jones has joined Goldman Sachs Asset Management (GSAM) to head Third Party Distribution (TPD) in Australia and drive a renewed focus on the asset manager's retail business, according to head of GSAM in Australia, Phil Gardner.
Jones joined the Sydney based team this month after eight years with GSAM's European TPD team, where she was responsible for business development across a variety of countries and investor-types for long-only and alternatives products.
Gardner said the company had identified TPD as an area that required increased focus and resourcing after GSAM bought out JBWere's 55 per cent of the business last July.
He said Jones had been very successful in the UK and would assist GSAM in leveraging its offshore retail experiences to the best methods for adviser/client engagement in Australia.
"We're definitely looking to build on that business through product development, through bringing in the best of the client engagement models and strategies that we have offshore," Gardner said.
GSAM had strong fixed income capability that had been taken up by institutional investors in Australia but were yet to find a home in the retail market, according to Gardner.
He said Australian product providers had delivered an accumulation phase product to people in the immediate pre and post-retirement phase, but GSAM would look to its global experiences to get guidance on solutions to address Australia's ageing population.
"I think we are looking for ways to identify the right products in that fixed income space to participate in that product evolution here in Australia," Gardner said.
He said the Australian TPD team was currently in the process of hiring a number of staff.
"We've definitely got some open slots that we're working on, which I think is good because I think there's some good people out there," Gardner said.
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