James “Jim” O'Neill will retire as chairman of Goldman Sachs Asset Management later this year.
The position was created for Mr. O'Neill, a managing director, when he joined the money management division of Goldman Sachs Group (GS) in 2010; he will not be replaced, said Andrea Raphael, a GSAM spokeswoman, in an e-mail. The date of his departure has not been set.
Mr. O'Neill joined Goldman Sachs in 1995 as partner and co-head of global economics research and chief currency economist. In 2001, he was named head of global economics, commodities and strategy research, and in 2006, he joined Goldman Sachs' European management committee, according to Goldman Sachs Group CEO and Chairman Lloyd C. Blankfein and Gary D. Cohn, president and chief operating officer, in a statement.
Regarded as an expert on foreign exchange and bond markets, Mr. O'Neill “identified revolutionary economic trends, defining the concept of the BRICs, which has become synonymous with the emergence of Brazil, Russia, India and China as growth opportunities of the future. Jim's BRIC thesis has challenged conventional thinking about emerging markets,” said Messrs. Blankfein and Cohn in the statement.
As chairman of GSAM, Mr. O'Neill “strengthened our research discipline and enhanced communication among investment professionals across asset classes,” his bosses wrote.
Timothy O'Neill (no relation) and Eric Lane, managing directors, will continue to lead GSAM's day-to-day operations as co-heads, Ms. Raphael said in her e-mail.