Goldman Sachs appointed veteran banker Stefan Duffner on Monday to lead the investment bank's activism and shareholder advisory efforts in Europe, Middle East, and Africa (EMEA). Duffner, who started at Goldman Sachs as an analyst in 2005 and became a managing director in 2017, will now head the "activism and shareholder advisory" (ASA) division in EMEA, in addition to overseeing M&A for the consumer retail group in the region. This information was relayed in a memo to Goldman's staff, signed by Avinash Mehrotra, the global head of Activism and Shareholder Advisory, along with Nimesh Khiroya and Carsten Woehrn, co-heads of EMEA M&A.
Meanwhile, Anne Bizien, who led the activism group in Europe for four years, will shift her focus to serving the bank's broader client base in France after being promoted to partner last year.
The memo also announced Camila Rodriguez Bedoya's addition to the activism defense team, tasked with handling this responsibility alongside her existing role in M&A for the Financial Institutions Group in EMEA.
Goldman's role as the top financial advisor in the industry was reaffirmed last year, with 49 engagements, surpassing JP Morgan's 37 engagements, as per the Bloomberg Global Activism League Table.
The text also mentions engagements in the US with Honeywell, being targeted for change by Elliott Investment Management, and in Europe with Rentokil and Reckitt, facing challenges from Trian Fund Management and Eminence Capital respectively.
As activism defense gains prominence, banks are increasingly bolstering their capacity in this arena, indicative of a trend where both established and emerging players are setting up dedicated teams to assist clients confronted by activist investors.
The narrative concludes on a note anticipating a rise in activist shareholders' activities in global corporations, with a record number, including 45 new entrants who initiated campaigns last year, setting the stage for more corporate confrontations in the coming year, as predicted by industry professionals.