Goldman's BRIC layer decides to down tools
Mr O'Neill, 55, is best known for coining the term BRIC in 2001 to describe how the emerging markets of Brazil, Russia, India and China would challenge the West's economic dominance.
It was a foresight that the Goldman chief executive, Lloyd Blankfein, and the president, Gary Cohn, described as a "revolutionary economic trend".
"Jim's BRIC thesis has challenged conventional thinking about emerging markets and, as a result, has had a significant economic and social impact," they said.
The son of a postman, Mr O'Neill grew up in Gatley in Manchester before studying geography and economics at Sheffield University. After brief stints at Swiss Bank and Bank of America, he joined Goldman in 1995 as a partner. There, he rose to the top, becoming its chief economist before being made chairman of Goldman Sachs Asset Management (GSAM) three years ago - a role created specifically for him.
A die-hard Manchester United fan, he tried to put together a consortium of fellow supporters to take over the club in 2010.
Last year, he was talked about as a potential candidate to take over as governor of the Bank of England.
More recently, Mr O'Neill has emerged as an optimist about the economic outlook, writing last month about the "reasons for the world economy to be cheerful in 2013".
He is not expected to be replaced as chairman of the investment bank's asset management arm, which will continue to be led by the co-heads Tim O'Neil and Eric Lane.
Frequently Asked Questions about this Article…
Jim O'Neill is Goldman Sachs' former chief economist who became chairman of Goldman Sachs Asset Management (GSAM). He's best known for coining the BRIC term (Brazil, Russia, India, China) in 2001. His retirement, announced as a surprise and slated for later this year, matters because he has been an influential voice on emerging markets and global economic trends.
The BRIC thesis, coined by Jim O'Neill in 2001, refers to the idea that Brazil, Russia, India and China would challenge Western economic dominance. Goldman Sachs leaders called it a 'revolutionary economic trend' with significant economic and social impact — a concept everyday investors often use when thinking about long‑term emerging markets exposure.
According to the article, O'Neill is not expected to be replaced as chairman of GSAM. The asset management arm will continue to be led by its co‑heads, Tim O'Neil and Eric Lane, so investors should see continuity in GSAM's senior management.
No. The announcement was a surprise and the article states there was no mention of his future plans or a stated reason for retiring.
O'Neill grew up in Gatley, Manchester, studied geography and economics at Sheffield University, had brief roles at Swiss Bank and Bank of America, joined Goldman Sachs in 1995 as a partner, rose to chief economist and was made chairman of GSAM three years ago — a role created for him.
Yes. The article notes O'Neill has recently emerged as an optimist about the economy, writing last month about 'reasons for the world economy to be cheerful in 2013,' which investors interested in macro views and emerging markets may find relevant.
The article does not state any change in Goldman Sachs' stance on BRIC or emerging markets. It highlights O'Neill's role in popularising the BRIC thesis but does not report any strategic shifts tied to his retirement.
Investors should watch for official communications from Goldman Sachs and GSAM about leadership and strategy, monitor any commentary from GSAM co‑heads Tim O'Neil and Eric Lane, and pay attention to how emerging markets commentary from Goldman evolves — though the article indicates immediate leadership continuity at GSAM.
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