Edward C. Forst will retire at yearend as global co-head of Goldman Sachs & Co.'s investment management division, which includes Goldman Sachs Asset Management.
Eric S. Lane, the division's chief operating officer, will replace Mr. Forst. according to internal memos obtained by Pensions & Investments. Timothy J. O'Neill remains the division's other global co-head.
Goldman spokeswoman Andrea Raphael confirmed the contents of the memos. No decisions have been made about finding a new COO, she added.
This is the second time in five years that Mr. Forst has relinquished the top spot at Goldman's investment management division.
According to a memo from Lloyd C. Blankfein, Goldman's chairman and CEO, and Gary D. Cohn, president and COO, Mr. Forst left in 2008 to become executive vice president of Harvard University, effectively becoming the university's COO. He returned to Goldman a year later and, in 2010, again became co-head of the firm's investment management division.
In a separate memo, Messrs. Blankfein and Cohn said Mr. Lane — who came to Goldman Sachs in 1996 and has been the investment management division's COO since 2009 — will join Mr. O'Neill to “lead our efforts to grow our combined asset management and private wealth platform, which continues to represent one of the firm's most important businesses and growth opportunities.”
Mr. Forst couldn't immediately be reached for further comment.