Goldman Sachs has named Ashok Varadhan as one of its co-heads of its securities division—the investment bank’s most-profitable, albeit volatile unit.
The 41-year-old rising star, who most recently served as the global head of macro trading—which included oversight of interest rate products, currencies and emerging markets—will join other Goldman Sachs executives Isabelle Ealet and Pablo Salame, who were already in the role. The trio will run the group, which buys and sell bonds, stocks and currencies on behalf of its clients.
A position atop the securities division has long been viewed as an important milestone for executives who aspire to the top ranks of the Wall Street powerhouse. Both the president of the bank, Gary Cohn, and its chief financial officer, Harvey Schwartz, held key roles in the securities division before ascending to Goldman’s top managerial ranks. (The two are current seen as top contenders to take over after current CEO Lloyd Blankfein steps aside.)
Here are few key facts industry watchers should know about the high-flying and uber-brainy Varadhan:
- He joined Goldman Sachs in 1998
- Was named partner in 2002 at 29 (among Goldman’s youngest)
- His father is Srinivasa Varadhan, an award winning math professor
- Has been among Goldman’s highest paid executives in recent years, clearing $10 million in 2009
- Paid $16.3 million back in 2008 to purchase a pad in the same elite Manhattan apartment building at 15 Central Park West as Blankfein