SC grants fund management, corporate finance licences to Goldman Sachs

8 December 2009 | Kuala Lumpur

The Securities Commission Malaysia (SC) has approved an application by Goldman Sachs to establish fund management and corporate finance advisory operations in Malaysia.

The application by Goldman Sachs was pursuant to the liberalization measures announced by Prime Minister Dato’ Sri Mohd Najib Tun Abdul Razak in June this year as well as in the Budget announcement in October.

The liberalisation, part of Malaysia’s strategic shift to the high growth agenda,will further enhance its position as an attractive base for foreign capital market participants. This, in turn, will provide investors and issuers in Malaysia with a wider choice of investment products and services.

SC Chairman Tan Sri Zarinah Anwar said the decision by Goldman Sachs’ to establish a presence in Malaysia is significant as it supports the SC’s efforts to transform the Malaysian capital market to a major capital market centre with the presence of diversified leading international firms that will complement our strong domestic players. It also demonstrates the group’s confidence in the growth opportunities available in the Malaysian capital market.

Goldman Sachs will join other global broking and fund management companies that have established operations in Malaysia.

Goldman Sachs is a leading global financial services firm providing investment banking, securities and investment management services to a substantial and diversified client base. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.

“The future outlook for Malaysia’s capital markets and its asset management industry is very positive and through our local presence we look forward to playing a larger role in their development,” said Tim Leissner, co-President of South East Asia for Goldman Sachs.

SECURITIES COMMISSION MALAYSIA