According to a memo from Goldman Sachs Group Inc. co-heads Richard Gnodde, David Solomon and John Weinberg, Stuart Berstein would be head of the investment banking firm's venture capital client group. Berstein would still remain global head of Goldman Sachs' clean technology and renewables group.
The memo also wrote, "The venture capital community has become a strategically important constituent of the division's client franchise and is critical to our ability to serve the needs of our emerging growth clients."
Spokesman David Wells for the New York-based bank had confirmed the matters discussed in the memo.
The memo also indicated that Bernstein's experiences in venture capital had led to his promotion. He previousy ran the underwriting group for equities that provides services to financial institutions. He had also rallied Goldman Sachs in financing USD40 billion of renewable energy in 10 years, that began last year.
Data compiled by Bloomberg showed that Goldman Sachs is ranked third as go-to adviser in global technology deals. Furthermore, the bank is also number one as adviser on announced global mergers for 2013 and a leading underwriter in equities.
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