Goldman Sachs Asset Management chief O'Neill to retire

Wed Feb 6, 2013 1:06am IST

Goldman Sachs Asset Management Chairman Jim O'Neill speaks during the Reuters Investment Outlook Summit in London December 6, 2011. REUTERS/Benjamin Beavan/Files

Goldman Sachs Asset Management Chairman Jim O'Neill speaks during the Reuters Investment Outlook Summit in London December 6, 2011.

Credit: Reuters/Benjamin Beavan/Files

Related Topics

Stocks

   

REUTERS - Jim O'Neill, the chairman of Goldman Sachs Group Inc's (GS.N) asset management division who coined the popular term "BRIC" to refer to four fast-growing emerging markets, will retire later this year, according to an internal memo sent out on Tuesday.

O'Neill is an economist by training who joined the firm in 1995 as a partner, said the memo, which was signed by Goldman Sachs Chief Executive Lloyd Blankfein.

He is perhaps best known for coming up with the BRIC acronym in 2001, which identified Brazil, Russia, India and China as top emerging markets where investors could put their money for high returns. He proclaimed that those emerging economies, China's in particular, would help drive markets and world economic growth for the next decade.

O'Neill, once described as the world's first rock star economist for his talent on predicting movements in the $1 trillion-a-day foreign exchange markets, continues to be bullish on China.

O'Neill's calls have been broadly accurate, except for his belief that the world economy was not in trouble during the financial crisis.

In the memo, Blankfein said: "Jim is an influential economist and thought leader, and is regarded as an expert in the world's foreign exchange and bond markets."

(Reporting By Lauren Tara LaCapra and Jennifer Ablan; Editing by Gerald E. McCormick and Leslie Adler)

FILED UNDER:
  • Most Popular
  • Most Shared

DEFENCE

REUTERS SHOWCASE

Canonisation

Canonisation

Pope declares sainthood of two Indians, four Italians.  Full Article 

Stake Sale Strike

Stake Sale Strike

Coal India trade unions call off strike in victory for Modi.  Full Article 

Markets Weekahead

Markets Weekahead

Ride the bull with a finger on the ejector button.  Full Article 

Arms Purchase

Arms Purchase

India approves $2.6 bln mounted gun purchase - official.  Full Article 

Interview with Bulgari CEO

Interview: Bulgari CEO

Bulgari CEO: we shouldn’t have left India so we’re back  Full Article 

Formula One

Formula One

Hamilton takes second F1 title in style.  Full Article 

Available For Remake

Available For Remake

Bollywood finally wants to pay the price for remakes  Full Article 

Davis Cup

Davis Cup

Vintage Federer seals first Davis Cup for Switzerland.  Full Article 

Movie Review

Movie Review

"Happy Ending" is old wine in an older bottle  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage