The US and international chief investment officers of Goldman Sachs' wealth management division, Nick Spencer and Paul Marson, have left the bank.

The division advises an array of rich and powerful individuals, several of whom run companies advised by Goldman's investment bankers. Goldman Sachs Asset Management managed $118bn (€89bn) for private clients in June: their thirst for alternative investments is a factor behind the division's remorseless rise in profits in recent years.
Spencer and Marson would have played a role in allocating client assets. A source said they disagreed on strategy with global investment chief Sharmin Mossavar-Rahmani. Goldman declined to comment. The departure of Marson and Spencer follows a reorganisation of Goldman's wealth division. Doug Grip, head of wealth outside the US, has created 10 country and regional divisions in Europe and the Middle East and has changed pay structures. The shake-up was controversial. Nicolas Sarkis and Philippe Lamis, French advisers, left this year to start a new operation. Distribution co-head Sameer Sain, who helped push through the changes, resigned to set up his own venture in India.
Alexander Classen, former head of Switzerland, left to become head of Morgan Stanley's high net worth business. Morgan Stanley has been recruiting wealth advisers able to concentrate on clients worth more than $10m. It is selling Quilters, a UK adviser and Citigroup is said to be a front runner to buy it. A Morgan Stanley spokesman declined comment. Goldman is also keen to secure clients worth $10m apiece. It recently recruited a Middle East team led by Farid Pasha, who used to be at Swiss bank UBS. René Mottas, former head of Europe at Credit Suisse's Clariden private bank, has replaced Sain.