05/02/2013 19:11:00

Goldman's Jim O'Neill, Chairman of Asset Management, to Retire -Memo

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By Liz Moyer

Goldman Sachs Group Inc.'s (GS) influential market strategist Jim O'Neill will retire from the firm later this year, according to a Goldman memo.

Mr. O'Neill has been chairman of Goldman Sachs Asset Management since September 2010. He joined Goldman as a partner in 1995 from Swiss Bank Corp., where he had been global head of research. He hasn't announced his next move.

A memorandum to employees on Tuesday signed by Goldman Chairman and Chief Executive Officer Lloyd Blankfein and President and Chief Operating Officer Gary Cohn credited Mr. O'Neill with coining the term BRICs, an acronym for the fast-growing economies of Brazil, Russia, India and China. He is also the author of a book, "The Growth Map," published in 2011.

"Jim's BRIC thesis has challenged conventional thinking about emerging markets and, as a result, has had a significant economic and social impact," Mr. Blankfein and Mr. Cohn said in the memo.

Mr. O'Neill is the latest partner to depart Goldman. Last month, David Viniar, the firm's chief financial officer since its initial public offering, retired and was succeeded by Harvey Schwartz. Goldman hasn't named a new chairman for its asset management division.

Write to Liz Moyer at liz.moyer@dowjones.com

(END) Dow Jones Newswires

February 05, 2013 14:11 ET (19:11 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

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