GLOBAL - Goldman Sachs Asset Management said its global chief investment officer will retire by year-end, while the firm announced the promotion of Jim O'Neill to the new role of chairman.
Global CIO Eileen Rominger joined GSAM in 1999 but was named CIO of the overall business early last year, Nick Echolm, GSAM spokesman said.
Officials at GSAM will not name another global CIO, but her duties will be picked up by Steve Barry, Jonathon Binner and Andrew Wilson, and Kapinka Domotorffy. Barry serves as CIO of fundamental equities, Binner and Wilson as CIOs of fixed income and Domotorffy as CIO of quantitative equities.
Separately, the firm announced Jim O'Neill has been appointed chairman of GSAM, a new role at the company. O'Neill previously worked as head of global economics, commodities and strategy research for the firm. He now reports to global co-heads of asset management Ed Forst and Tim O'Neill.
O'Neill will work across three main divisions delivering investment strategies for clients, continuing to write about investment themes and business leadership, said Echolm.
O'Neill created the acronym BRICs and has published considerable research about the emergence and growth of Brazil, Russia, India and China, GSAM said in a release.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.