Goldman Sachs is bolstering a team of strategists who help develop products for institutions and wealthy clients based on computer-learning technology, one of the fastest growing units in the investment-management division.
Bloomberg News reports that BlackRock’s Michael Turok will join Goldman Sachs later this year to lead a team of two dozen quantitative-investment strategists, according to an August 2 memo obtained by Bloomberg. Turok, who’s returning to Goldman Sachs after six years away, will focus on improving the company’s ability to comb through data, process natural language and develop other machine-learning approaches.
In the meantime, Bloomberg News also reports that JPMorgan hired Rikesh Patel from Credit Suisse in London, according to two people familiar with the matter.
He will replace Leander Christofides, who was head of European loan trading until May, according to one of the people, who isn’t authorized to speak about it and asked not to be identified.