Bank eyes regional integration to boost M&A, equity activity
Goldman Sachs is betting on a major overhaul of its Asia-Pacific operations to capture a greater share of the investment banking market and tap into what it calls “strong tailwinds” in the region. Iain Drayton, newly appointed head of the integrated APAC investment banking franchise, told Reuters the structural changes are already yielding results in deal activity and investor sentiment.
Since September 2024, Goldman has merged its merger and acquisition (M&A) teams, aligned its financial and strategic investor groups, and introduced a capital solutions unit. In May, the bank completed a full integration of its operations across Japan, Australia, New Zealand and Asia, appointing Drayton to oversee the unified franchise.
Signs of revival in regional dealmaking
Drayton, a 19-year Goldman veteran, said the new structure has helped remove friction and encouraged better execution across markets. He noted an “uptick in large-scale M&A and a meaningful rebound in equity capital markets activity,” reversing the deal slowdown seen over the past three years.
“Market sentiment, investor engagement and transaction momentum are moving in a more constructive direction,” Drayton said. Improved clarity around trade policies and tariffs is also contributing to a more stable market environment, he added.
Goldman leads in equity capital markets
Data from Dealogic shows Goldman Sachs leading the equity capital markets (ECM) league table in Asia Pacific so far this year, working on $12 billion worth of deals. It also ranks third in M&A advisory, with $111 billion in announced deals, trailing only Nomura and Morgan Stanley.
Despite recent headwinds from U.S. tariff policies that temporarily stalled deal flow, the rebound in Asia’s capital markets is offering fertile ground for expansion. Drayton said the integration allows Goldman to “expand the overall commercial opportunity” in APAC by leveraging scale and coordination across markets.