Goldman Sachs has named career economist Ha Jiming as vice-chairman and chief investment strategist of its investment management division in China in a newly created role.
He had been working as a managing director in the firm’s China investment banking team since joining last year from China International Capital Corporation (CICC).
However, it was decided Dr Ha’s skill-set was more suited to a macro commentator role within its investment management division, which comprises both asset management and private wealth management.
Now he will be delivering his interpretation of macro themes to private clients to help identify China-related investment opportunities. He will report to Ronald Lee and Kaven Leung, co-heads of private wealth management for Goldman Sachs in Asia-Pacific ex-Japan.
In a statement, Lee describes Dr Ha as a recognised and accomplished economist. “We think his macro views will be extremely valuable to clients,” he adds
It comes after the exit earlier this year of Harvey Lee, who was previously head of Goldman's wealth management business in China. He is understood to have joined a client. Goldman confirms that Lee has not been replaced and that the China business comes under the remit of Ronald Lee and Leung.
Goldman also saw Rudolf Hitsch depart from its China wealth management business last May to join Citi Private Bank as Hong Kong-based global market manager for China.
Dr Ha, who was unavailable for interview, worked at CICC from 2004 to 2010 as a chief economist before joining Goldman. Prior to that he was a senior economist at the International Monetary Fund for 11 years to 2004.
Goldman established a joint-venture with domestic securities firm Beijing Gao Hua Securities in 2004 and launched its onshore private wealth business in China two years ago. Among other things, this enables Goldman to manage RMB client money onshore.