French to become sole head of Goldman wealth outside US
After months of speculation, Doug Grip is to relinquish his co-head position of Goldman's wealth management unit outside of the US.
Former investment banker Christopher French is set to become sole head of Goldman Sachs' wealth management division following the move of his current co-head, Doug Grip, to the US.
Sources in the wealth industry confirmed that Grip was returning to the US and intended to retire in the longer term. Grip joined Goldman's wealth business in 1996. After becoming head of Goldman's wealth management business, he pushed through a reorganisation in 2005, which was followed by several defections.
Peter Scaturro, former head of US private bank US Trust, became global head of wealth last year and Christopher French, former chairman of European investment banking became Grip's co-head. French's appointment was seen as a precursor to Grip's eventual departure.
Elsewhere, Michael Covell, a managing director in the wealth division at Goldman, has decided to step down after seven years with the bank. He is planning to become a consultant to several family offices serving the interests of ultra-wealthy individuals. A spokesman for Goldman declined to comment.
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