Goldman Sachs Group Inc. has promoted Edward Forst to head its investment management business, filling a position that has been vacant since June.
Mr. Forst, formerly executive vice president and chief administrative officer at New York-based Goldman, will head the division with Peter Kraus, according to an internal memo obtained cited in published reports.
He will be based in the London office.
He replaces Eric Schwartz, who worked for Goldman for 23 years, heading the asset management division alongside Mr. Kraus since 2003.
Mr. Schwartz announced his retirement in June, just before the Global Equity Opportunities fund lost 30% in a single week, when $860 billion was wiped from the stock market value of European and U.S. banks, according to a Financial News report.
Mr. Forst has co-headed the firm's operations, technology, finance and services division with David Viniar, and was previously chief of staff of both the equities division and for fixed income, currency and commodities.
Previously, he was co-head of global credit markets.
Mr. Schwartz remains a senior director at the firm.