(Bloomberg) — Heather von Zuben, one of a small group of prominent Latina executives on Wall Street, is exiting Goldman Sachs Group Inc. for Blackstone Inc.
Von Zuben is leaving just a year after being promoted to top partner of the bank. She was most recently global head of wealth-management options and other capital-raising roles previously linked to Goldman’s own direct-investment programs, and has worked with outside managers.
According to a spokesperson for the New York-based investment firm, she will join Blackstone as a senior managing director. A representative for Goldman, which is also based in New York, declined to comment.
Goldman recently overhauled the structure of its asset-management unit and poured more resources into the business to show its strengths to investors.
Von Zuben began his career at Davis Polk after graduating from Columbia Law School, then jumped to Goldman Sachs in 2007. She is regularly featured on Wall Street’s Most Powerful Latina lists as the industry struggles to inject diversity into its highest ranks. Black and Hispanic executives at the top levels of US banks lag far behind the makeup of the wider population.
Von Zuben has spoken in the past about re-establishing himself in America, about his parents and Cuban extended family
Blackstone also used Ida Hoghi, former chief of staff to Goldman CEO David Solomon, as chief operating officer for its business, which caters to insurance companies, a key growth area for the firm. Half of its record new cash in the last quarter of 2021 was insurance assets that Blackstone began to manage after reaching deals with Allstate Corp. and American International Group Inc.