Fred Hu: Resigned from Goldman Sachs’ regional head

On March 16, Goldman Sachs proved that its regional head of Asia Fred Hu resigned from his post and the resignation will be effective in April. But Hu will still have a seat in Goldman Sachs’ board.

Fred Hu joined Goldman Sachs in 1997 and has served this financial company for 13 years. As a PhD of economics in Harvard, he once worked in the International Relationship Institute of Harvard and the World Bank. He also had years’ experience of working as a senior economist in the International Monetary Fund and providing consultation for the different countries’ governments in their economic decisions. Then he served as the chief economist of Geneva World Economic Forum and later he worked for China Huarong Asset Management Corporation.

In 2006, Xie Guozhong, then Morgan Stanley’s chief economist, resigned. Xie was as famous as Fred Hu in economy. It was said that his resignation was due to the leakage of an inside email which carried strong personal emotion of Xie. Compared with Xie, Fred Hu is cautious in his words and deeds.

According to Financial Times, Fred Hu is planning to set up a private equity fund which focuses on trades in China. He had already talked with some possible investors on this matter.

In the last two years the private equity funds began their development in China. The fund founders hoped to find investment opportunities alongside the fast growth pace of China’s economy. Fred Hu’s colleague Fang Fenglei, who once helped Goldman Sachs found the investment corporation Goldman Sachs Gaohua in China, founded Hope Fund in Beijing in 2007. Tang Kui, another former Goldman Sachs’ senior executive, also founded a private equity fund which focuses on financial activities in China.