Story
Goldman Sachs Taps Blackstone's Drummond Rice for Americas ECM Leadership Role
Summary
Goldman Sachs has appointed Drummond Rice from Blackstone to lead its equity capital markets coverage for financial institutions in the Americas, a move set to take place after the Jersey Mike's IPO.
Goldman Sachs Group Inc. has appointed Drummond Rice to lead its financial institutions coverage within the equity capital markets (ECM) group for the Americas, according to a report from Bloomberg News. The move brings a key dealmaker from private equity giant Blackstone Inc. to the investment bank.
Key Appointment Details
In his new role at Goldman Sachs, Rice will be responsible for managing equity offerings for clients across the financial services sector. He is set to replace Erich Bluhm, a veteran of the firm who retired after a tenure of more than 18 years.
The appointment underscores the strategic importance of the financial institutions group (FIG), a critical business for investment banks that advises banks, insurers, and asset managers on capital-raising activities like initial public offerings and secondary stock sales.
AdTransition from Blackstone
Rice has been with Blackstone since 2021. His transition to Goldman Sachs is slated to occur after the completion of the initial public offering process for Jersey Mike’s Subs Inc., according to the report.
Blackstone is a key backer of the sandwich chain, which filed for its IPO earlier this month. The timing ensures Rice's continued involvement in a significant transaction for his current employer before he assumes his new responsibilities at Goldman Sachs.