Hywel George and Stuart McPherson Named as Co-Chief Investment Officers, European Equity

Goldman Sachs Asset Management is pleased to announce the promotion of Hywel George and Stuart McPherson to Co-Chief Investment Officers of its European Equity business. These new positions have been created to ensure that the European Equity team has the appropriate resources to manage the firm's continued success in attracting new mandates. Hywel and Stuart will be responsible for all aspects of the European Equity business, including portfolio management, research and product management. They will both report to Susan Noble, Chief Investment Officer, London Active Equities (responsible for the Global/Multi-regional, Emerging Markets, Specialist/Small Cap and European Equity business areas).


The strength of Goldman Sachs Asset Management's European Equity business is highlighted by the historic performance of their flagship European equity fund. The Goldman Sachs Europe Portfolio is in the top twenty percent of its universe(1) over the past three years, five years and since its inception in September 1996(2).

Hywel George joined Goldman Sachs Asset Management in 1999. Before joining Goldman Sachs Hywel spent eleven years at Mercury Asset Management, where he was a senior UK Equity Fund manager. Stuart McPherson joined Goldman Sachs Asset Management in 1996 having worked at CIN Management for nine years as a US equity analyst and UK equity portfolio manager.

Susan Noble, Chief Investment Officer, London Active Equities, Goldman Sachs Asset Management commented:

"We are delighted to recognise the work Hywel and Stuart have done over the years and the contributions they have made to the firm. The performance of the Goldman Sachs European Portfolio reflects our belief that a team-based investment process driven by high quality independent research can deliver excellent results for our clients. These new promotions reflect our continuing commitment to our growing European Equity business."

(1) Standard and Poor'sTM Micropal Universe: Offshore Funds – Equity Europe as at 31-Dec-02. Source: Standard and Poor's Micropal Inc. Bid to bid  
    Gross income reinvested.

(2) Past performance is not indicative of future results, which may vary.

Press Enquiries:

Simon Eaton
020 7774 1000
Corporate Communications
Goldman Sachs

Roderick Cameron / Nitya Bolam
020 7404 5959

Note to Editors

Goldman Sachs is one of the leading global investment banking, securities and investment management firms, providing a full range of investment, advisory and financing services world-wide to a substantial and diversified client base which includes corporate, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. After 130 years as a private partnership, the firm became a public company in 1999. Goldman Sachs is headquartered in New York and has over 50 offices in over 20 countries1.

Goldman Sachs Asset Management was founded in 1988. Globally managed assets total in excess of US$282.5 billion2 and cover a broad variety of clients including: pension funds, foundations and endowments, governments, corporations and financial institutions.

This document has been communicated in the United Kingdom by Goldman Sachs International, the distributor of Goldman Sachs offshore funds, which is regulated in the UK by the FSA. It is your responsibility to ensure that any onward transmission of information contained within this material is distributed in accordance with applicable law and regulation. This document is for information purposes only and is not construed as solicitation to anyone in any jurisdiction.

(1) As at 30 September 2002
(2) As at 30 September 2002