SYDNEY, July 21 ― Goldman Sachs Group Inc appointed Australia's former Treasurer Josh Frydenberg as the bank's senior regional adviser for the Asia Pacific region today.
Frydenberg became one of the highest-ranking cabinet ministers to ever be voted out of parliament this year when he was ousted by independent Monique Ryan, a paediatric neurologist running for office for the first time, during elections in May.
“Josh's deep public and private sector experience, connectivity, and insight ... his significant understanding of geopolitical and economic issues will bring considerable value to our clients across the region and beyond,” said Kevin Sneader, co-President of Goldman Sachs in Asia Pacific ex-Japan.
Goldman Sachs was ranked second in terms of deal value for merger and acquisition advisory in Australia in the first half of 2022, having worked on US$31.8 billion worth of deals, according to Refinitiv data.
It has worked on the most number of deals alongside long-time rival Macquarie Group.
In equity capital markets, it slipped from first to seventh in the first half of 2022, versus a year earlier, with league tables skewed by small advisers working on small transactions.
Frydenberg led Australia's economic response to Covid-19 in the previous Liberal-National coalition government, including setting up pandemic payments and relaxing some corporate regulations.
“I look forward to joining the team and contributing to the firm's leadership, its global capability, and its strength of client franchise,” Frydenberg said in a statement.
Frydenberg was elected to the Australian Parliament in 2010 from Melbourne's Kooyong, and in August 2018 was appointed the treasurer. He was also a senior adviser to former Prime Minister John Howard and was previously a director of global banking at Deutsche Bank. ― Reuters
