After 21 years with Goldman, Sachs & Co., Michael D. McCarthy will retire as a managing director and head of the municipal bond department on Nov. 30 to become a limited partner, the firm said.
The vacancy left by 51-year-old McCarthy will be filled by managing directors Ann Kaplan and Connie Duckworth, who will serve as co-heads of the division.
Meanwhile, McCarthy will complete his term as The Bond Market Association's 1998 chairman and will serve on the organization's board in 1999, said TBMA spokesman Michael J. Dorfsman.
Goldman Sachs said McCarthy is relinquishing his day-to-day responsibilities to spend more time with his family and devote additional energy to charitable endeavors, including chairing The Bond Market Association Foundation, a charitable education group.
McCarthy joined the firm in 1977 as a generalist in public finance, before spearheading the firm's efforts in public power, short-term products, and new products. He served as head of public finance from 1990 until 1994, when he was named head of the municipal bond department, which includes municipal sales, trading, underwriting, money markets, capital markets, and public finance.
In addition to his management responsibilities, McCarthy directed a number of Goldman's most complex transactions, including the record Long Island Power Authority offering. During his tenure, the investment banking house ranked among the top three lead managers in municipals annually.
McCarthy became a general partner in 1986 and a managing director in 1996.
Prior to joining Goldman Sachs, he spent two years in PaineWebber Inc.'s municipal division.
