NEW YORK (
has named global economics chief Jim O'Neill chairman of its $802 billion asset management business, a key strategic area for the company as it looks to replace profits threatened by regulatory reforms.
O'Neill will remain in London and report to Ed Forst and Tim O'Neill, co-heads of Goldman's investment management division, which encompasses both asset management and private wealth management. His appointment is subject to U.K. regulatory approval, Goldman stated Friday in a press release announcing the move.
O'Neill, who joined Goldman as a partner in 1995, created the acronym BRICs, the highlight the importance of emerging markets giants Brazil, Russia, India and China. O'Neill's role is newly created, according to the Goldman press release. A call to O'Neill was not immediately returned.
Written by Dan Freed in New York
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.