'BRIC' Inventor O'Neill To Retire From Goldman

Feb 6 2013 | 12:41pm ET

Jim O'Neill, the chairman of Goldman Sachs Asset Management best known for coining the term "BRIC," will retire from the bank later this year.

O'Neill has served as titular head of GSAM, which includes Goldman's in-house hedge funds, since 2010. The London-based economist came up with the term "BRIC" for Brazil, Russia, India and China in 2001.

"In each of his roles at the firm, Jim has served our clients by formulating views on global economic and market themes and helping them to be positioned for the most significant investment opportunities," Goldman CEO Lloyd Blankfein and President Gary Cohn said.

The GSAM chairmanship was created for O'Neill and he will not be replaced in that role. Tim O'Neill and Eric Lane will remain in charge of the unit.

O'Neill, 55, joined Goldman in 1995. He formerly worked for Bank of America and Swiss Bank Corp. He said he plans to continue working in some capacity, but does not yet have any specific plans, The New York Times reports.

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