Goldman Sachs Group Inc., Bank of America Corp. and Lazard Ltd have lost three senior merger advisory bankers within the last month to smaller investment funds in search of more lucrative deals and higher fees, Bloomberg News reported.
Goldman Sachs Managing Director Andrew Huang, who advised on Greater China M&A, resigned to join Chinese private equity firm FountainVest Partners. Peter Kuo, another China M&A banker, is leaving Lazard to run Canyon Bridge Capital Partners, a technology fund backed by Chinese investors. Bank of America's head of China M&A, Ellis Chu, also resigned to join an Asia-focused fund, the news outlet reported, citing "people familiar with the departures."
In addition, Morgan Stanley M&A banker Richard Wong also resigned in March to set up China-focused buyout fund Nexus Point Partners. Alex Ying, a managing director at Carlyle Group LP, left the company in January to form Rivendell Partners, which is focused on mid-sized buyouts in Greater China and Vietnam.