FinanceAsia can exclusively reveal that Goldman Sachs has named Carlos Cordeiro as its vice-chairman for Asia. The promotion is a massive reward for Cordeiro, who has been a partner since 1992, and has ran the firm's debt capital markets (DCM) operations in Asia since 1996.

He will continue to run DCM in the meantime û a situation that is bound to aggravate many rivals, given Cordeiro's well-earned reputation as ultra-competitive. He is well known in debt circles as the man who clients love to love and competitors love to hate.

The highlight of his career in Asia thus far was probably Asia's most significant bond issue, the $4 billion megadeal for the Republic of Korea at the height of the crisis. His other key clients have included Hutchison Whampoa and the MTR Corporation.

The new post is a worthy reward for a man who has spent so much time building Goldman's debt franchise that rivals noted that he failed to buy any furniture for at least a year after moving to Hong Kong.

In his new role, he will seek to be an ambassador for the firm in key growth markets, including China and India. Cordeiro is himself, half-Indian and half-Portuguese.