A managing director and head of technology for Goldman Sachs’ wealth management business has left the firm for a similar role at a competitor.
Avi Shua, who was previously the Global Head of Private Wealth Management Technology at Goldman Sachs, left the Wall Street bank for competitor BNY Mellon Wealth Management, where he will be the technology lead.
He will report to report to BNY Mellon Chief Information Officer Bridget Engle and Catherine Keating, the CEO of BNY Mellon Wealth Management, the company said. Shua will also serve as a member of the Technology Executive Committee and the Wealth Management leadership team at the bank.
Engle said in a statement that Shua has a track record of designing “resilient technology solutions” and that his contribution will be critical to growing the bank’s wealth management business. It is unclear whether the role Shua was hired to fill is a new one or if he's replacing a former head of technology. BNY Mellon did not respond to requests to comment on the position.
Prior to joining BNY Mellon, Shua was also a member of the Goldman Sachs Technology Executive Leadership Group, was previously the CIO of Goldman Sachs Bank USA, and held other technology-related positions in investment banking, merchant banking and asset management.
The wealth management businesses at both Goldman Sachs and BNY Mellon are among the largest in terms of client assets, with approximately $458 billion and $246 billion, respectively. While some wealth managers oversee much more, Goldman Sachs and BNY Mellon have relatively small networks of advisors and focus on serving the wealthiest clientele. Goldman Sachs said in its 2017 annual report that it had 700 private wealth advisors and expected to grow that number by approximately 30 percent through 2020.
Want The Daily Brief delivered directly to your inbox? Sign up for WealthManagement.com's Morning Memo newsletter.
