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FutureStarrDina Powell McCormick is Leaving Goldman Sachs to Join BDT & MSD Partners
Dina Powell McCormick, former partner at Goldman Sachs who oversaw its sovereign business, is departing to join merchant bank BDT & MSD Partners along with fellow Goldman alumni Byron Trott and Gregg Lemkau. The pair boast strong connections with wealthy US families and sovereign wealth fund managers who control substantial sources of capital. Furthermore, they have made themselves known for providing services specifically to women entrepreneurs and family businesses. She’s Leaving for BDT & MSD Partners Dina Powell McCormick, who oversaw Goldman Sachs Group Inc's sovereign business and assisted in driving their sustainability initiatives, will leave to join merchant bank BDT & MSD Partners under Michael Dell and his family, according to people familiar with her decision. Powell McCormick will join BDT & MSD Partners as both partner and head of global client services; she was previously on Goldman's management committee and will join as soon as the firm releases an official announcement announcing this change on Tuesday. She first joined Goldman Sachs in 2007 before leaving to serve as deputy national security advisor under former President Donald Trump, later returning in 2018 as leader of its impact investing business and environmental markets group, as well as overseeing Goldman Sachs Foundation programs that offer capital and training to women entrepreneurs and small-business owners. Powell McCormick is well-known throughout the US and New York for her strong relationships in government circles and with sovereign-wealth fund managers who oversee vast sums of capital. Additionally, she has been an instrumental leader in Goldman's efforts to promote diversity and inclusion by spearheading initiatives like One Million Black Women to address opportunity gaps for black women. But she has not been without controversy. Shane Goldmacher reported in The New York Times that when Powell went to Mar-a-Lago last weekend to plead with President Donald Trump for support for her husband's Senate campaign, she brought along Gregg Lemkau - an ex-Goldman Sachs partner and founder of hedge fund Bridgewater Associates who had helped craft many controversial immigration policies including Muslim ban and child separation policies enacted under this administration. The story caused shockwaves throughout Goldman. Some employees claimed that hiring Lemkau demonstrated that Goldman wasn't as committed to its principles as advertised, while others saw Powell joining a team focused on making an impactful contribution and doing good work. She’s Leaving for Family Dina Powell McCormick, who served as deputy national security adviser under President Trump for almost one year at Goldman Sachs, will leave to join BDT & MSD Partners run by former partners from Goldman Sachs and BDT & MSD Partners respectively. BDT & MSD Partners announced Tuesday that Powell McCormick would become vice chair and president of global client services as well as partner. Backed by tech billionaire Michael Dell himself, Powell McCormick will help expand their efforts advising and investing in women-run businesses. Powell McCormick spent eight years at Goldman Sachs prior to her arrival at the White House, leading its Impact Investing Business and serving on its Management Committee. Additionally, she served as president of its Foundation where she created and implemented major economic growth-inducing initiatives such as 10,000 Women and 10,000 Small Businesses programs aimed at giving entrepreneurs in developing nations business education and access to capital. Powell McCormick is well known in Wall Street circles for her strong connections to US government circles and close ties to sovereign-wealth fund managers who control vast spigots of capital. However, she's also known for her passion for entrepreneurship and social impact; growing up as the daughter of an army captain she worked odd jobs to support herself and her younger sister; beginning by waiting tables at an Austin sports bar before eventually becoming policy aide for Texas senator Kay Bailey Hutchison. Powell McCormick quickly took on her first major responsibility within the Trump administration: planning President Trump's overseas trip. This included two days spent in Saudi Arabia where she helped build relationships and ensured one of his headline speeches focused on women's empowerment. After her arrival in Washington, Powell McCormick was considered for several top positions including US ambassador to the UN and World Bank, before ultimately declining both and National Security Council staffer Nadia Schadlow being chosen as her replacement. Her political future remains unknown however as she and David McCormick (a financier) have run several television commercials supporting their bid for Pennsylvania Senate election 2024 as Republicans as well as attending closed door meetings with donors and party figures. She’s Leaving for a New Job Dina Powell McCormick's departure from Goldman Sachs Group Inc. came as a shock to some in New York and Washington who view her as one of their own. She will join merchant bank BDT & MSD Partners as its vice chairman, president and partner where she will serve on their management committee and advise clients regarding issues of corporate governance and global policy. This new firm was created after two firms owned by technology mogul Michael Dell merged last January - hence its name BDT & MSD Partners. Powell McCormick's departure will leave Goldman Sachs without its local presence in the Middle East, where she built close ties to sovereign wealth fund managers who control vast influxes of capital. She spearheaded Goldman Sachs' role in Saudi Arabia's planned initial public offering according to banking sources at that time and was also an integral leader of the Goldman Sachs Foundation, overseeing several initiatives supporting female entrepreneurs. Powell McCormick has gained many admirers among liberal circles in Manhattan and Washington; some are concerned about her embrace of Trump and his policies, especially as she will serve in an advisory capacity with Ivanka Trump's new venture. She will now come into direct contact with senior government officials, such as HR McMaster - President Donald Trump's National Security Adviser - which may give her access to key decisions such as Iran and other security challenges; she could even work towards developing closer ties between herself and Trump administration officials in future roles. Powell McCormick will continue to play an integral part in the foundation, overseeing two of the largest charitable initiatives for female entrepreneurs worldwide. Her colleagues know her as a tireless champion for gender equity in the workplace and the power of philanthropy in fostering economic development and opportunity - they will miss her greatly. She’s Leaving for Politics After her time as deputy national security adviser in President Donald Trump's administration was complete, Dina Powell McCormick returned to Goldman Sachs. But now she is leaving again; joining two former Goldman colleagues Byron Trott and Gregg Lemkau at Chicago merchant bank BDT & MSD Partners as vice chairman and president of global client services. Her new gig is more modest, yet still lucrative: She will earn approximately $25 Million annually at this firm and in her role will be responsible for building relationships with sovereign-wealth funds and other major investors while looking out for business opportunities. As part of her role at BDT, she will also serve on the Goldman Sachs Foundation Board and direct its 10,000 Women program - which assists underserved high-potential women entrepreneurs by providing funding and mentoring support as they start or expand their businesses. Goldman allowed her to become an influential Washington-Wall Street power broker with a stellar reputation and extensive contacts, while simultaneously becoming known as an advocate for women's issues and philanthropy within the firm, organizing initiatives geared toward women employees as well as small business. An active figure in Texas Republican politics before joining Goldman Sachs, she helped manage George W. Bush's 2000 campaign before taking up her current post as Director of Congressional Affairs with the RNC. Furthermore, she assisted Republicans find employment in lobbying firms while also serving on their presidential transition team. As Ivanka Trump's top advisor, she has established close ties between herself and President Trump as well as Ivanka's family and her. She participated in planning his inaugural overseas trip which started off with two days in Saudi Arabia beginning May 2017, making sure one of the keynote speeches mention women's rights issues prominently. Sources indicate she may soon run for office herself, as sources indicate her husband, billionaire David Toomey is running for Senate to replace Pat Toomey and she's been working hard with him to win both his primary in Pennsylvania as well as general election elections against Democrats like Mehmet Oz and John Fetterman.