Mike Koester, co-president of alternatives within Goldman Sachs Asset Management, will retire at the end of April, according to a memo sent to employees on Monday by Marc Nachmann, global head of asset and wealth management, and Julian C. Salisbury, chief investment officer of asset and wealth management.
Regarding Mr. Koester's future plans, a Goldman spokeswoman said by email that he is "not going to a competitor."
The memo did not mention who, if anyone, will succeed Mr. Koester.
Mr. Koester, who worked at Goldman for 25 years, played a "foundational role" in the development of the firm's alternatives franchise after joining its Merchant Banking Division in 2000, the memo noted.
"Mike worked across many roles in MBD, including serving as chief commercial officer and co-chief operating officer," the memo added. "He later co-founded the Alternatives Capital Markets & Strategy group."
As reported, on Jan. 24, 2022, Mr. Koester and Greg Olafson were named co-presidents of the alternatives business at Goldman Sachs Asset Management.
The spokeswoman confirmed that Mr. Olafson remains the other co-president of alternatives within Goldman Sachs Asset Management.
As of Dec. 31, 2022, Goldman Sachs Asset & Wealth Management had $2.55 trillion assets under supervision, the spokeswoman added.