Goldman Sachs hires Cai Wei as co-head of China investment banking

HONG KONG (Reuters) - Goldman Sachs (NYSE:GS - News) has hired Cai Wei as partner and co-head of its China investment banking division, it said in an internal memo, which was confirmed by a Goldman Sachs spokeswoman.

This is the first time Goldman Sachs has hired a China partner from outside the firm.

Cai was formerly a partner at venture capital firm Fountainvest, and prior to that was co-head of China investment banking at UBS(:UBSG.S) .

Fountainvest is a Chinese private equity firm founded by a group of former Temasek executives in 2007.

In his new role, Cai will work alongside Hong Ning, chairman of Goldman's greater China investment banking division, and Zhu Hansong, co-head of its China investment banking division, according to the memo.

(Reporting by Alun John and Kane Wu)