Goldman Sachs Economist O'Neill Named Asset Management Chairman
Jim O’Neill Named Chairman of Goldman Asset Management
Chris Ratcliffe/Bloomberg
GSAM chairman Jim O’Neill, seen here, who joined Goldman Sachs as a partner in 1995, created the acronym BRICs in writing about the rising economic power of Brazil, Russia, India and China.
GSAM chairman Jim O’Neill, seen here, who joined Goldman Sachs as a partner in 1995, created the acronym BRICs in writing about the rising economic power of Brazil, Russia, India and China. Photographer: Chris Ratcliffe/Bloomberg
Goldman Sachs Group Inc. named Jim O’Neill, who runs the firm’s economics, commodities and strategy research, to a new role as chairman of asset management.
O’Neill, 53, will remain in London and report to Ed Forst and Tim O’Neill, global co-heads of Goldman Sachs’s investment management division, the New York-based firm said today in an e- mailed statement. The appointment to Goldman Sachs Asset Management, or GSAM, is subject to U.K. regulatory approval, the firm said.
“Mr. O’Neill will help lead all aspects of the GSAM business and serve as an important voice for GSAM in expressing his views on global investment themes,” the statement said. “He will also continue to write about his views in this newly created role designed to leverage Mr. O’Neill’s global perspective on world markets.”
O’Neill, who joined Goldman Sachs as a partner in 1995, created the acronym BRICs in writing about the rising economic power of Brazil, Russia, India and China.
Goldman Sachs Asset Management is the fund unit within the company’s investment management division run by Forst and Tim O’Neill. In the second quarter, assets under management fell 4.5 percent to $802 billion as clients pulled money out of money market and equity funds and because of stock market declines.
Asset management generated $1.92 billion in revenue in the first six months of this year, up 3 percent from a year earlier, and accounted for 9 percent of the company’s revenue, according to the firm’s second-quarter earnings report.
To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net
Rate These Stories
Rate this Page