Goldman Sachs today named Jim O’Neill, the guy who came up with the emerging-market acronym BRIC, as chairman of the company’s asset management business.
BRIC, the term O’Neill coined in 2001, stands for Brazil, Russia, India and China, and refers to the world’s four dominant developing economies. He previously served as the head of global economics research. O’Neill will remain in London and report to said Ed Forst and Tim O’Neill, co-heads of Goldman Sachs investment management.
In the second quarter, Goldman’s asset management and securities services division brought in $1.37 billion in revenue. Total net revenue for the quarter came in at $8.84 billion. GSAM manages $802 billion.