Goldman Sachs veteran to become CEO of asset-management firm

Goldman Sachs veteran Luke Sarsfield, one of several executives to leave the bank recently, is set to become chief executive of asset manager P10.

Dallas-based P10, which specializes in so-called alternative investments, plans to announce the move Monday, people familiar with the matter said.

P10 manages $22 billion for investors including wealthy families, giving them access to private equity, venture capital and more through brands including Bonaccord Capital Partners and TrueBridge. It went public in 2021 and has a market value of $1.1 billion.

The firm has been an active acquirer and has plans for further expansion, including through deals that could add new geographies or investment offerings, the people said. Its co-founders and current co-CEOs, Robert Alpert and Clark Webb, will remain on the board, and Webb will work with Sarsfield on potential deals.

Sarsfield spent 23 years at Goldman and rose to sit on the firm’s management committee. He held a variety of leadership roles, including global head of the investment bank’s financial-institutions group, co-head of its healthcare group in the Americas and several in the bank’s asset-management unit.

In early 2022, Sarsfield was named co-head of the asset-management business, which Goldman has been betting on to revive its stock price. But he left earlier this year following a companywide reorganization last fall that merged asset management with wealth management, effectively demoting him to chief commercial officer of that segment.

Goldman CEO David Solomon at the time put Marc Nachmann, then co-head of trading, in charge of running the asset- and wealth-management unit and made Sarsfield’s co-head, Julian Salisbury, chief investment officer.

Salisbury left over the summer to become a partner and co-CIO of investment firm Sixth Street Capital.

Another senior Goldman leader, Dina Powell McCormick, left in May for BDT & MSD Partners, the investment and advisory firm run by former star Goldman bankers Byron Trott and Gregg Lemkau. She had been global head of Goldman’s sovereign business and in charge of its sustainability efforts.

Write to Cara Lombardo at cara.lombardo@wsj.com