Magazine article American Banker

Goldman Research Director Resigns

Magazine article American Banker

Goldman Research Director Resigns

Article excerpt

High-Profile Exec Plans to Start His Own Hedge Fund

By TANIA PADGETT Analyst Robert B. Albertson has resigned after 12 years as the director of U.S. bank research at Goldman, Sachs & Co. to start a global hedge fund.

Mr. Albertson last week joined the growing number of analysts who have left Wall Street firms to start hedge funds or take positions at fund management companies.

Former Salomon Smith Barney banking analyst Carol S. Berger started a financial hedge fund, Berger*Jackson, after she was downsized out of the investment bank job. And Thomas K. Brown left Donaldson, Lufkin & Jenrette Inc. and went to Tiger Management LLC.

Mr. Albertson is the second high-profile executive with a banking specialty to leave Goldman in recent months. J. Christopher Flowers, who headed the firm's bank merger practice, left in November.

Sally Pope Davis, a longtime bank analyst at Goldman will take over coverage of the money-center banks, while Lori Appelbaum will assume coverage of major regional banks, according to a Goldman internal memo.

"We will not be removing any of the currently, actively followed banks from coverage, nor will any of our ratings change at this time," the memo said.

Mr. Albertson said his hedge fund, Pilot Financial, will invest in international and U.S. bank stocks.

During his last two years at Goldman, Mr. Albertson was also global coordinator of banking and financial services, a position that gave him international banking experience.

He was not a partner in the privately held firm, which last year postponed an initial public offering. …

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