GSAM recruits AllianceBernstein fixed-income head to oversee credit team

Ashish Shah was named a partner in Goldman Sachs Asset Management's fixed-income group, according to an internal memo at Goldman Sachs obtained by Pensions & Investments. A Goldman Sachs spokeswoman confirmed the contents of the memo.

The position is new.

Beginning this summer, Mr. Shah will oversee GSAM's global corporate credit team and co-lead the cross-sector strategy. He will also become deputy co-chief investment officer of GSAM's fixed income unit, along with Sam Finkelstein, head of GSAM's global emerging market and currency teams. The deputy CIO role is new for Mr. Finkelstein.

He will be based in New York and report to Jonathan A. Beinner and Andrew Wilson, co-heads of global fixed income at GSAM.

Mr. Shah was CIO of global credit and head of fixed income at AllianceBernstein (AB). Gershon Distenfeld, director of credit, and Scott DiMaggio, director of global fixed income, will become co-heads of fixed income, an AllianceBernstein spokesman confirmed. Doug Peebles, CIO of fixed income, will continue to oversee the fixed-income investment processes, strategy and performance across portfolios globally. There is no change to Mr. Peebles' role.

GSAM reported $1.494 trillion in assets under supervision as of Dec. 31. Goldman Sachs reported $660 billion in fixed-income assets as of Dec. 31,