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:

Monetary Policy Committee

Reuters Showcase

Microfinance

Microfinance

Funding the unfunded: India helps small business borrow to grow  Full Article 

Insurance Sector

Insurance Sector

UK healthcare firm Bupa sees strong growth in India  Full Article 

Sensex Rises

Sensex Rises

Sensex edges up; consumer and healthcare stocks rise  Full Article 

Market Eye

Market Eye

FTSE adds nine Indian firms as large-caps in Asia-Pacific ex-Japan index   Full Article 

Indian Ocean Diplomacy

Indian Ocean Diplomacy

PM Modi to ramp up help for Indian Ocean nations to counter China influence  Full Article 

ECB Bond-Buying

ECB Bond-Buying

ECB raises growth forecasts, to start printing money next week  Full Article 

China Economy

China Economy

China signals "new normal" with lower annual growth target  Full Article 

Pharma Sector

Pharma Sector

Panel recommends waiving late-stage trials for some drugs  Full Article 

E-commerce

E-commerce

China backs e-commerce expansion in win for Alibaba, JD.com  Full Article 

Reuters India Mobile

Reuters India Mobile

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