Goldman Sachs announced that Nishi Somaiya, global co-head of Growth Equity, will transition to Wealth Management and become global head of Private Banking, Lending, and Deposits.

Somaiya will work with teams from Private Wealth Management, Workplace & Personal Wealth, Marcus Savings & Invest, and the wider firm to develop creative solutions and drive future franchise expansion in her new role.

In addition, Somaiya joined the firm in 2001 and was promoted to managing director in 2011 before becoming a partner in 2016. She will rely on her decades of experience as an investor with expertise in credit.

Most recently, Somaiya has been the worldwide co-head of Growth Equity since 2020. She previously led the Private Capital branch of the European Special Situations Group, which concentrated in growth equity and middle market loans.

The Private Banking, Lending, and Deposits business of Goldman Sachs represents a significant growth opportunity for Asset & Wealth Management.

Particularly as they improve the ability to meet the financing needs of their wealth clients through solid lending business and the ongoing development of their Marcus deposits business.

The co-heads of Growth Equity’s global operations and chief investment officers will continue to be Darren Cohen and Stephanie Hui.

Cohen and Hui intend to work with the investing teams as global co-heads to discover and execute investments in high-growth firms, creating value for their portfolio companies and clients.

Hui will remain the head of Private and Growth Equity in Asia Pacific, while Cohen will continue to lead Growth Equity in the Americas and move up to lead EMEA.