JIM O’Neill, chief economist at Goldman Sachs, has been appointed to the newly created role of chairman of the bank’s asset management division, the bank announced this weekend.
O’Neill will advise clients on investment strategies but will also continue to comment on key economic issues.
His appointment is subject to regulatory approval from the Financial Services Authority (FSA), which last week fined Goldman Sachs – which currently has $800bn (£520bn) assets under management – £17.5m for failing to warn that one of its staff was implicated in fraud charges in the US.
It is understood that the firm will not name a new chief economist. Instead O’Neill will retain some of his previous responsibilities, while the rest will be shared out among the remaining economists at the bank.
Earlier this year O’Neill was identified as a member of a group of wealthy investors, known as the Red Knights, who hoped to lead a buyout of Manchester United.
He was also responsible for the creation of the acronym BRICs for the emerging market economies of Brazil, Russia, India and China.
“Jim brings broad experience across asset classes, a track record of identifying important investment trends and strong relationships with clients around the world,” said Ed Forst and Tim O’Neill, the global co-heads of the Investment management division of Goldman Sachs, to whom O’Neill will report.
“His powerful voice in the global investment community will help us continue to demonstrate the value we add for our clients.”