Oliver Bolitho, chairman of Goldman Sachs Group Inc.’s fund management division in Asia, is leaving after 15 years at the company, according to an internal memo.
Bolitho will become an advisory director after his retirement at the end of the year, according to the Nov. 4 memo obtained by Bloomberg. Christopher Jun, a spokesman for Goldman Sachs in Seoul, confirmed the contents of the memo.
Bolitho, a U.K. citizen, served as head of Goldman Sachs’s U.K. and Irish institutional business from 2001 until moving to Hong Kong in 2007 to run the fund business in Asia outside of Japan. A partner since 2008, Bolitho became chairman of Goldman Sachs Asset Management last year.
His departure comes almost a year after Goldman Sachs Asset Management moved Sheila Patel to Singapore from London to lead the fund business in Asia outside of Japan and said that Bolitho would report to Patel.
Goldman Sachs had $878 billion of assets under management as of Sept. 30, according to the New York-based company’s third-quarter earnings report. The company doesn’t report how much of that is in Asia.
AsianInvestor, a Hong Kong-based trade journal, reported Bolitho’s pending departure on its website earlier today.
Goldman Sachs Asset Management runs hedge funds, private equity and real estate investments alongside those in fixed income, stocks, money markets and commodities, according to its website. The unit employs more than 700 investment specialists in 32 offices worldwide.
Goldman Sachs agreed to buy Benchmark Asset Management Co., India’s largest provider of index-tracking funds, in March 2011, after setting up its own mutual-fund unit in the country in 2008.
It also teamed up with RHB Capital Bhd., Malaysia’s fifth-largest banking group, in 2010 to jointly develop fund management products.