From CityWire

Sean Gallagher, co-CIO of fundamental US equity, and Suneil Mahindru, CIO of international equity, are to leave the firm

Two senior portfolio managers are to leave Goldman Sachs Asset Management (GSAM), sparking a series of promotions and fund management changes.

GSAM co-CIO of fundamental US equity, Sean Gallagher, is to retire from the firm at the end of September.

Current co-CIO of fundamental equity US, Steven M. Barry, will become sole CIO of the unit following Gallagher’s retirement.

Gallagher, who was promoted to the position of co-CIO of fundamental US equity in January, will leave Goldman on September 30, according to a Securities and Exchange Commission (SEC) filing.

In January, GSAM set out plans to combine its fundamental equity US value team and fundamental equity US growth unit into a single team called the fundamental US equity team, as Citywire first reported.

According to a January SEC filing, the combination and accompanying changes were meant to ‘benefit the funds by providing a more holistic investment perspective and the ability to leverage investment ideas across the US fundamental equity platform.’

The filing stated that Gallagher, who had been CIO of the US value equity team since June 2009, was to become co-CIO of the combined fundamental US equity team and manage the combined unit along with Barry, then CIO of global fundamental equity.

Following the team merger, Goldman Sachs portfolio managers John Arege, Tim Leahy and Lawrence Tankel as well as four junior employees left the firm.

As a result of Gallagher’s retirement, he will no longer serve as a portfolio manager on the $363.3 million Goldman Sachs Equity Income fund, the $6.5 million Goldman Sachs Focused Value fund, the $555.3 million Goldman Sachs Large Cap Value fund and the $1.7 billion Goldman Sachs Mid Cap Value fund.

Charles Brook Dane will now serve as a portfolio manager for the Focused Value and Large Cap Value funds. Meanwhile, Dan Lochner and Dane will continue to serve as portfolio managers for the Equity Income fund, and Sung Cho and Adam Agress remain as portfolio managers for the Mid Cap Value fund.

International exit 

In addition, Suneil Mahindru, CIO of international equity, is to leave the firm on August 15.

As a result, he will no longer serve as a portfolio manager on the $173.4 million Goldman Sachs International Equity ESG fund and $58.3 million Goldman Sachs International Equity Income fund, according to another SEC filing.

According to Bloomberg report, Mahindru relocated from London to New York in 2017 after Goldman decided to shut down its European equities fund.

Abhishek Periwal will now serve as a portfolio manager for the two funds while Alexis Deladerrière will continue to serve as a portfolio manager for the funds.

Joshua Kruk, GSAM’s head of stable value portfolio management, who was named on a series of fixed income ETFs, also recently left the firm, as Citywire reported.

A Goldman spokesman confirmed the contents of the filings but declined to comment further.


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