The Goldman Sachs
investment banker behind a key deal that propelled Franklin Resources
] to the top ranks of mutual fund firms is retiring. Milton Berlinski
is stepping down as the global head of Goldman's financial sponsors business at the end of the year, according to news reports. Berlinski is just 55 years old and declined to tell Bloomberg
what he plans next.
He made his mark in the mutual fund business in 1992 when he advised Franklin Resources and the Johnson family in its bid to buy Templeton, Galbraith & Hansberger Ltd.
That deal brought the San Mateo-based mutual fund firm a brand name business built by Sir John Templeton
and bald-headed marketing pitch man Mark Mobius
, the grandson of Franklin Resources' founder, has not forgotten the help.
"There wasnít much M&A in our business those days," Johnson tells Bloomberg
. "He was instrumental in formulating a competitive bid."
Meanwhile, the Wall Street Journal
got a hold of a copy of the memo from Goldman Sachs in which Berlinski explained his departure:
Milton R. Berlinski to Retire from Goldman Sachs
After 26 years of distinguished service at Goldman Sachs, Milton R. Berlinski has decided to retire from the firm at the end of the year.
During his career at the firm, Milton has been responsible for a diverse range of businesses. He joined the firm in 1986 as a vice president in Mergers & Acquisitions. Later that year, he was one of the founders of the Financial Institutions Group and served as the groupís vice chairman until 2002. From 1999 to 2004, he was head of the firmís Strategy and Corporate Development Group and in 2001 he assumed additional responsibility as head of Firmwide Strategy. In 2002, Milton took on leadership responsibilities for the Financial Sponsors Group and was named global co-head in 2005 and global head in 2007. Milton is a member of the IBD Operating Committee. He was named partner in 1996.
Milton played a significant role in the development of our financial sponsors franchise and is responsible for some of the firmís most important relationships with private equity firms and hedge funds.
Over the course of his career, Milton has also helped to recruit and develop many of our people and has been an inspiration to those who have worked with him. Milton is active in numerous charities and is vice chairman of Ronald McDonald House New York.
Please join us in thanking Milton for his contributions to the firm and wishing him and his family all the best in the future.
Richard J. Gnodde
John S. Weinberg
Sean Hanna, Editor in Chief
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