There is a shake-up at the top of Goldman Sachs Asset Management (GSAM). Marc A. Spilker is retiring from GSAM and is being replaced by Edward C. Forst. Bloomberg News
first reported Spilker's departure Monday morning. Meanwhile, tThe New York Times
described the move as "abrupt."
Spilker, who took the top co-head role GSAM in June 2008, will remain a senior director at Goldman after he steps down at then of February. The NYT reports that the senior director post is unpaid. GSAM co-head Tim O'Neil remains in his post.
The 49-year-old Forst rejoins Goldman from Harvard University, where he was an executive vice president. He is also a Goldman alumnus, having spent 14 years at the firm before jumping to Harvard in 2008. At that time he was chief strategy officer and had earlier served as chief administrative officer until 2004.
Lloyd Blankfein and Gary Cohn communicated the change in Spilker's role to GSAM employees in an internal memorandum dated on Friday (February 12) that was obtained by the paper. The paper also published a memo from Blankfein and Cohn that announced Forst's new role.
February 12, 2010
Marc A. Spilker to Retire From Goldman Sachs
After 20 years of distinguished service, Marc A. Spilker, co-head of the Investment Management Division (IMD) and member of the Management Committee, has decided to retire from the firm. We are pleased that Marc will become a senior director.
During his career at the firm, Marc has held a number of important roles in IMD and the Securities Division. Marc joined IMD in 2006 as head of Global Alternative Asset Management and became chief operating officer in 2007. In that role, Marc was active in strategy, new product development, risk oversight and a variety of other initiatives. As co-head of IMD, Marc helped drive the divisionís strategic growth plans, attract new talent and successfully lead the division through a very difficult environment.
Prior to joining IMD, Marc was responsible for US Equities Trading and Global Equity Derivatives. Previously he was head of Fixed Income, Currencies and Commodities (FICC) in Japan and he also served as global head of FX options.
Marc has served as the co-chair of the IMD Operating Committee and a member of the Firmwide Business Practices Committee, Firmwide Risk, Finance and Structured Product Committees as well as the Structured Investment Products Committee. In addition, he was a member of the FICC/Equities Operating Committee and a member of the board of our insurance companies. Marc also served as the Management Committee sponsor of the Firmwide Womenís Network. Marc became a partner and managing director in 1996.
Marc has consistently committed himself to the highest standards of the firm. He has personified our values of teamwork, innovation and client service. With leadership experience across all the sales and trading divisions and IMD as well as in New York, Tokyo and London, Marc has made outstanding contributions throughout the firm and has mentored many colleagues who have developed into our important leaders. We look forward to continuing to rely on his advice and counsel.
Please join us in thanking Marc for his service to the firm and wishing him and his family the very best in the years ahead.
Lloyd C. Blankfein
Gary D. Cohn
* * *
February 12, 2010
Edward C. Forst to Co-Head Investment Management Division
We are pleased to announce that Edward C. Forst, currently our senior strategy officer and member of the Management Committee and Business Practices Committee, will become co-head of the Investment Management Division (IMD). Ed, together with Tim OíNeill, will lead our efforts to grow Goldman Sachs Asset Management and Private Wealth Management businesses, which are among the largest in the world.
Ed has been the senior strategy officer since rejoining the firm in 2009 after serving for one year as Harvard Universityís first executive vice president and principal operating officer. Before that, Ed was head of IMD.
Ed joined the firm in 1994 in Capital Markets of which he subsequently became co-head. He served as chief of staff to both the Equities and Fixed Income, Currencies and Commodities (FICC) divisions and also served as the co-head of the Global Credit businesses in FICC. Ed joined the Management Committee in 2004. From 2004 to 2007, he was the firmís chief administrative officer, based in New York and London, and co-headed, with David Viniar, Operations, Technology, Finance and Services. Ed is a former chairman of both the Firmwide Capital Committee and the Business Practices Committee.
Ed became a managing director in 1996 and a partner in 1998.
Please join us in congratulating Ed and wishing him continued success in his new role.
Lloyd C. Blankfein
Gary D. Cohn
Sean Hanna, Editor in Chief
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