Dina Powell McCormick, who runs Goldman Sachs Group Inc.’s sovereign business, plans to leave to take a post at a merchant bank run by former partners of the Wall Street firm.

McCormick, who was also on Goldman’s management committee, is joining BDT & MSD Partners, people familiar with the matter said. The company, which is backed by technology billionaire Michael Dell, was founded by merging firms led by Byron Trott and Gregg Lemkau.

Trott and Lemkau’s firms have invested more than $50 billion since 2010. BDT focuses on providing advisory services to high-net-worth families and their businesses and investing in family-owned companies. MSD, which grew out of Dell’s multibillion-dollar family office, invests in private firms, while also making credit, real estate and growth equity investments.

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The Wall Street Journal reported McCormick’s departure earlier Tuesday. Representatives for Goldman and the merchant bank didn’t immediately return calls for comment.