Goldman Sachs Group Inc. (GS)’s Eric Kirsch plans to retire as global head of insurance asset management, a position that involved overseeing $75 billion for clients, according to a company spokesman.
Kirsch plans to leave the New York-based Goldman Sachs in September after four years on the job, Ed Canaday, a spokesman, said in a telephone interview. John Melvin, global head of insurance fixed-income portfolio management, and Ellen Cooper, global head of insurance strategy, are among executives who will take over Kirsch’s responsibilities.
Goldman Sachs tripled insurance general account client assets under management while Kirsch was at the firm, according to Canaday. The bank said this month that Mark Oldcorn and Etienne Comon will be joining its asset-management group in London as it looks to expand services in Europe overseeing funds for insurers.
“We are fully committed to the insurance asset-management business and have a strong leadership team in place,” said Canaday. “We will continue to invest in additional resources and infrastructure to serve this very important client segment.”
Kirsch joined Goldman Sachs in 2007 after overseeing about $140 billion at Deutsche Bank AG’s insurance asset-management business. His retirement was reported by Insurance Asset Manager yesterday.
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