‘Bayo’ to man Goldman risk group

Adebayo Ogunlesi will replace fellow Goldman Sachs board-member Stephen Friedman as head of the risk committee for the Wall Street firm.

Global Infrastructure Partners' (GIP) Adebayo 'Bayo' Ogunlesi has been appointed to lead the Goldman Sachs Group risk committee in light of the looming retirement of Stephen Friedman, according to a regulatory filing.

Friedman, 75, is a longtime Goldman executive familiar on Capitol Hill as well as Wall Street. Goldman said Friedman has reached the mandatory retirement age, noting he will step down before its annual shareholding meeting in May.

His coming exit left the hole in the risk committee that Ogunlesi, chairman and managing partner of GIP, has been tapped to fill. Wall Street firm Goldman named Ogunlesi independent director to its board in 2012, tasking the GIP majordomo with manning its risk committee.

In a press release announcing his hiring in October, Goldman chief executive Lloyd Blankfein praised Ogunlesi for his “extensive experience”.

Born in Nigeria, Ogunlesi attended the University of Oxford and Harvard University, then joined Cravath, Swaine & Moore, a law firm headquartered in New York. He left Cravath in 1983 for First Boston Corporation, where he helped the bulge bracket investment bank build a project finance and energy business.

Ogunlesi remained with First Boston through its 1990 union with Credit Suisse Group, and going on to head global investment banking for Credit Suisse First Boston (CSFB) before leaving to form GIP, a fund manager with offices in London as well as New York.

GIP closed its debut infrastructure fund on $5.64 billion in 2008, and went on to close Global Infrastructure Partners II (GIP II), its second offering, on $8.25 billion in 2012.

Goldman hired Friedman in 1966, heading the Wall Street firm from 1992 to 1994. He was economic advisor to US President George W. Bush, and chairman of the Federal Reserve Bank of New York.

Goldman Sachs Group named Friedman a director in 2005.