Goldman Sachs Strengthens Activism Defense with Key Appointment
As corporations face growing pressure from activist investors, Goldman Sachs has taken a significant step to bolster its activism and shareholder advisory capabilities in Europe, Middle East, and Africa (EMEA). The investment bank has appointed veteran banker Stefan Duffner to lead its ASA (activism and shareholder advisory) team in the region.
Duffner’s Dual Role
Duffner, who joined Goldman Sachs in 2005 and was promoted to managing director in 2017, will assume the role of head of ASA in EMEA, in addition to his existing responsibilities as head of M&A for the consumer retail group in EMEA. This dual role will enable him to leverage his expertise in both areas to provide comprehensive support to clients.
A Seasoned Team
The appointment was announced in a memo to Goldman staff, signed by Avinash Mehrotra, global head of Activism and Shareholder Advisory, along with Nimesh Khiroya and Carsten Woehrn, co-heads of EMEA M&A. Anne Bizien, who led the activism group in Europe for four years, will focus on expanding the bank’s client franchise in France, following her promotion to partner last year.
Goldman Sachs Leads the Way
Goldman Sachs has consistently ranked as the top financial adviser in the industry, with 49 engagements last year, according to the Bloomberg Global Activism League Table. The bank’s expertise in activism defense has been demonstrated in high-profile cases, such as its work with Honeywell in the US and Rentokil and Reckitt in Europe.
Growing Demand for Activism Defense
The need for activism defense services is becoming increasingly pressing, as a record number of activist shareholders, including 45 newcomers, launched campaigns at global companies in 2024. Corporations are bracing for more challenges this year, and banks are responding by building their capabilities in this area. Even smaller players are adding teams to offer these services to clients who may be under threat.
Enhancing Capabilities
To further strengthen its activism defense capabilities, Goldman Sachs has also appointed Camila Rodriguez Bedoya to the team, where she will work alongside Duffner. Bedoya will take on this role in addition to her existing responsibilities in the Financial Institutions Group in EMEA. With these appointments, Goldman Sachs is well-positioned to support its clients in navigating the complex landscape of activism and shareholder advisory services.
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