By Lananh Nguyen and Saeed Azhar
NEW YORK (Reuters) -Dina Powell McCormick, the head of Goldman Sachs Group Inc’s sovereign business, is leaving to join merchant bank BDT & MSD Partners, the company said on Tuesday.
Powell McCormick, one of the most senior women at Goldman, is joining the merchant bank as a partner, vice chairman and president of global client services, according to a statement from her new firm.
The departure was reported earlier by the Wall Street Journal.
BDT & MSD Partners has an advisory and investment platform that serves business owners and investors. It was formed in January through a combination of BDT & Co and MSD Partners, the latter of which invests on behalf of Dell Technologies founder Michael Dell, his family, and other investors.
The move reunites Powell McCormick with her former colleague Gregg Lemkau, the merchant bank’s Co-CEO, who previously ran investment banking at Goldman.
“She has demonstrated a tireless commitment to her clients, building strong and trusted relationships with many of the world’s leading families, founders, and long-term oriented investors,” said Byron Trott, chairman and Co-CEO of BDT & MSD.
Powell McCormick built deep ties in the Middle East with the region’s biggest sovereign funds, including Saudi Arabia’s Public Investment Fund, which manages over $600 billion in assets.
She also played a part in securing Goldman Sachs’ top role in Saudi Aramco’s record $29.4 billion initial public offering in 2019, banking sources told Reuters at the time.
“I thank Dina for her significant contributions to Goldman Sachs, our clients and our people, and wish her and her family the very best in the years ahead,” Goldman Sachs CEO David Solomon said in a statement.
Powell McCormick, who also led Goldman’s sustainability efforts, initially joined Goldman Sachs in 2007. For the next decade, she led its impact investing business and the environmental markets group, which deployed more than $5 billion in market-based loans and equity to drive sustainable economic development, according to the bank.
Powell McCormick briefly served as deputy national security advisor in the administration of former President Donald Trump before rejoining Goldman in 2018.
Earlier in her career, she served as assistant secretary of state for educational and cultural affairs and deputy undersecretary of public affairs and public diplomacy.
Powell McCormick is married to David McCormick, the former CEO of hedge fund Bridgewater Associates, who campaigned to run for Senate in Pennsylvania last year and was narrowly beaten by Mehmet Oz.
(Reporting by Lananh Nguyen and Saeed Azhar; additional reporting by Hadeel Al Sayegh; editing by David Evans)
