Goldman Names New Ayco Head for $26B Unit, Warns of Underpriced Bond Risks
Goldman Sachs has appointed 27-year veteran Sara Naison-Tarajano as head of its $26 billion Ayco workplace financial planning division, reinforcing leadership in its ultra-high-net-worth strategy. Its analysts also warn bond markets are underpricing downside yield risks after energy-driven volatility, preferring receiver spreads.
1. Ayco Leadership Transition
Sara Naison-Tarajano, a 27-year Goldman veteran, has been named head of Ayco, the firm’s $26 billion AUM workplace financial planning division. She replaces David Fox, who retires after a year in the role, and will continue as global head of the Goldman partner office.
2. Bond Market Volatility Warning
Goldman’s rates analysts caution that recent energy-driven inflation shocks may shift focus from sticky prices to demand destruction and growth downside. They argue that yields’ downside risks are underpriced and recommend limited-risk receiver spreads and selective risk reversals over outright volatility selling.