GSAM Asia chairman to leave after 15 years

Oliver Bolitho, chairman of Goldman Sachs Asset Management in Asia, is leaving after 15 years at the company, according to an internal memo.

Mr. Bolitho will become an advisory director after his retirement at the end of the year, according to the Monday memo obtained by Bloomberg. Christopher Jun, a spokesman for Goldman Sachs in Seoul, confirmed the contents of the memo.

Mr. Bolitho, a U.K. citizen, served as head of GSAM'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, Mr. Bolitho became chairman of GSAM last year.

His departure comes almost a year after the firm moved Sheila Patel to Singapore from London to lead the fund business in Asia outside of Japan and said Mr. Bolitho would report to Ms. Patel.

GSAM 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.