Luke Sarsfield was named co-head of Goldman Sachs Asset Management's client business Monday, a spokesman for the company confirmed.
Mr. Sarsfield, who is a managing director, was previously global head of the financial institutions group within the investment banking division and a senior coverage banker in financial institutions, health care and consumer retail. He replaces Sheila Patel as co-head of GSAM's client business, as Ms. Patel was named chairwoman of GSAM on Monday, the spokesman said.
In his new role, Mr. Sarsfield joins Craig Russell, who has been global co-head of GSAM's client business since 2017, according to a company memo.
The duo will be responsible for the management, execution and strategy of the global GSAM client business and focus on the continued growth of the client franchisee, the company memo said.
Messrs. Sarsfield and Russell report to Timothy J. O'Neill and Eric S. Lane, co-heads of Goldman's consumer and investment division, the spokesman said.
Ms. Patel becomes the chairman of GSAM, a role that has been vacant since April 2013, when James "Jim" O'Neill retired from the post, the spokesman said.
In Goldman's financial institutions group, Pete Lyon assumed Mr. Sarsfield's responsibilities as global head. Mr. Lyon was previously the co-head of the global technology, media and telecom group at Goldman.
GSAM had over $1 trillion in assets under management as of June 30.