BEIJING/SHANGHAI (Reuters) – Fred Hu, a high-profile China dealmaker is stepping down as partner of Goldman Sachs (GS.N), according to an internal memo, as sources said he plans to launch a new private equity fund.
Hu, who worked for the Wall Street bank for 13 years, will retire as a partner in April, but remain as an advisory director of the firm, according to the memo obtained by Reuters.
An investment arm of China Construction Bank (601939.SS) (0939.HK), China’s top property lender, Singaopore state investor Temasek Holdings [TEM.UL], and Goldman were expected to help Hu launch the China-dedicated fund, according to sources with direct knowledge of the plan.
The sources declined to be identified as they were not authorised to speak to the media.
Goldman confirmed the content of the memo, but declined to comment further. Hu’s mobile phone went unanswered when contacted by Reuters for comment.
By George Chen and Samuel Shen
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