Ant Financial Hires Goldman Executive Douglas Feagin

Ant Financial Services Group, the financial services arm of Alibaba Group Holdings Ltd., has hired Douglas Feagin, a New York-based managing director at Goldman Sachs, to be the unit’s senior vice-president, according to media reports.

The appointment of Feagin, who worked at Goldman for 21 years most recently serving as head of Financial Institutions Group of Americas, will be announced soon.

He will be tasked to help Ant Financial’s internationalization effort, says the reports.

Feagin’s LinkedIn profile still shows that he is working presently at Goldman Sachs.

Last week, Ant Financial completed raising US$4.5 billion in a series B round of financing in one of the largest fundraising deals by an Internet company globally.

The company’s president Jin Xiandong said that it planed to use the proceeds to attract top talent, among a list of strategic priorities.

In terms of internationalization, Ant Financial has invested in Indian online and mobile payment firm Paytm and Taiwanese financial services firm Cathay Financial Holdings Co., Ltd.’s property insurance unit.
Ant Financial is also a backer of Korean Internet banking firm K-bank, which has obtained an Internet banking license in the country.

In 2015, Alibaba hired former Goldman executive Michael Evans as its group president and lead its internationalization efforts.

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