Key Takeaways
- • Goldman Sachs' London macro team exits include co-head of EMEA interest rates sales Nohshad Shah and managing director Ishaan Sethi joining Marshall Wace hedge fund, with Shah leading the fund's cross-asset macro team.
- • Vice president Frank Flight is reportedly departing Goldman for Brevan Howard, signaling broader talent drain from the bank's macro sales operation.
- • Shah's departure follows his failure to secure partner promotion in November, despite his prominence in Goldman's EMEA rates business and role hosting the bank's "Macro Thoughts" podcast.
- • The exits occur against backdrop of Goldman's strong 2022 fixed income performance (44% revenue increase driven by rates, FX, and commodities), yet trader bonuses did not proportionally reflect business gains due to losses in consumer banking and weakness in capital markets divisions.
- • Shah joined Goldman from Deutsche Bank in 2015 and was viewed as successor to popular partner Sam Morgan; his departure represents loss of established client relationships and institutional knowledge in a competitive hiring environment for macro talent.
Summary
Goldman Sachs has experienced a significant departure of senior macro salespeople from its London office following the 2023 bonus cycle. Nohshad Shah, co-head of EMEA interest rates sales, and managing director Ishaan Sethi have both departed the bank to join Marshall Wace, the London-based hedge fund. Shah will assume leadership of Marshall Wace's cross-asset macro team. Additionally, vice president Frank Flight has reportedly left Goldman for Brevan Howard, further thinning the ranks of the bank's macro sales operation.
The timing of these exits—weeks after bonus distributions—suggests compensation played a material role, though Shah's departure appears rooted in broader career advancement concerns. According to sources familiar with the matter, Shah had aspired to partner status and was not elevated to that rank in Goldman's November partner selection process. Marco Branca, Shah's co-head, also missed promotion. Shah's established credibility within Goldman's EMEA franchise was underscored by his close relationship with Sam Morgan, the popular partner and head of FICC sales in Europe, who selected Shah as his replacement when Morgan assumed a broader mandate in 2018. Shah's visibility extended to hosting Goldman's "Macro Thoughts" podcast, a weekly publication aimed at clients and employees.
Goldman's 2022 fixed income, currencies, and commodities (FICC) business posted strong headline results, with fixed income sales and trading revenues increasing 44% year-over-year, driven by elevated activity in rates, FX, and commodities. However, these gains were partially offset by significant losses in the consumer bank and sharply lower revenues in equity and debt capital markets, dampening overall compensation increases for rates traders relative to business performance. This disconnect between business momentum and bonus payouts likely heightened frustration among senior producers such as Shah.
Shah's nine-year tenure at Goldman—having joined from Deutsche Bank in 2015—provided deep client relationships and market positioning that Marshall Wace sought to acquire. The move reflects intensifying competition for seasoned macro talent, with hedge funds actively recruiting from traditional investment banking platforms. Deutsche Bank's macro traders similarly experienced strong 2022 results and were compensated generously, suggesting broader industry pressure on compensation across macro trading desks.
Neither Marshall Wace nor Goldman responded to requests for comment regarding the departures.
The timing of these exits—weeks after bonus distributions—suggests compensation played a material role, though Shah's departure appears rooted in broader career advancement concerns. According to sources familiar with the matter, Shah had aspired to partner status and was not elevated to that rank in Goldman's November partner selection process. Marco Branca, Shah's co-head, also missed promotion. Shah's established credibility within Goldman's EMEA franchise was underscored by his close relationship with Sam Morgan, the popular partner and head of FICC sales in Europe, who selected Shah as his replacement when Morgan assumed a broader mandate in 2018. Shah's visibility extended to hosting Goldman's "Macro Thoughts" podcast, a weekly publication aimed at clients and employees.
Goldman's 2022 fixed income, currencies, and commodities (FICC) business posted strong headline results, with fixed income sales and trading revenues increasing 44% year-over-year, driven by elevated activity in rates, FX, and commodities. However, these gains were partially offset by significant losses in the consumer bank and sharply lower revenues in equity and debt capital markets, dampening overall compensation increases for rates traders relative to business performance. This disconnect between business momentum and bonus payouts likely heightened frustration among senior producers such as Shah.
Shah's nine-year tenure at Goldman—having joined from Deutsche Bank in 2015—provided deep client relationships and market positioning that Marshall Wace sought to acquire. The move reflects intensifying competition for seasoned macro talent, with hedge funds actively recruiting from traditional investment banking platforms. Deutsche Bank's macro traders similarly experienced strong 2022 results and were compensated generously, suggesting broader industry pressure on compensation across macro trading desks.
Neither Marshall Wace nor Goldman responded to requests for comment regarding the departures.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.