Emerging-markets star, 'BRIC' coiner O'Neill to exit

GSAM chairman pegged emerging markets as global drivers in '01

Feb 5, 2013 @ 3:50 pm

By Jason Kephart

investing, goldman sachs, BRIC, emerging markets
+ Zoom
Jim O'Neill, chairman of Goldman Sachs Asset Management. (Bloomberg)

Jim O'Neill, the man who put emerging markets on the map, is stepping down as chairman of Goldman Sachs Asset Management later this year. The company has not announced a replacement.

Mr. O'Neill joined Goldman in 1995. His biggest moment came in 2001 when he put the spotlight on emerging markets and famously coined the “BRIC” acronym for Brazil, Russia, India and China, which he saw as the drivers of global growth.

His call turned out to be dead-on. Over the past 10 years, emerging markets, as measured by the MSCI Emerging Markets Index, have returned more than 270%, while the U.S., as measured by the S&P 500, has returned less than 30%.

In 2005, Mr. O'Neill looked beyond the BRIC countries and labeled Bangladesh, Egypt, Indonesia, Iran, Korea, Mexico, Nigeria, Pakistan, the Philippines, Turkey and Vietnam as the “next 11” countries to be growth leaders.

Goldman launched its N-11 Equity Fund (GSYAX) in 2011, and it's off to a good start. The fund had a 24% return in 2012, which ranked it among the top 15% of emerging-markets funds, according to Morningstar Inc.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Schwab's Jon Beatty: How independent firms are winning high-net-worth clients

Independent advisers have a distinct advantage when it comes to acquiring new clients, according to Schwab's latest RIA Benchmarking Study. Jon Beatty, senior vice president at Schwab Advisor Services, discusses the findings.

Latest news & opinion

DOL fiduciary rule opponents want to push implementation back until 2019

ICI, Chamber of Commerce among groups asking for delay, while Democratic lawmakers call on DOL to keep to its earlier planned schedule of Jan. 1, 2018.

Take 5: Vanguard's new CIO Greg Davis talks bonds, stocks and costs

Having just stepped into the role, this veteran of the firm now oversees $3.8 trillion in assets in more than 300 mutual funds and exchange-traded funds.

Tech companies deploy behavioral finance tools for advisers

They seek to turn knowing more about clients into growing more revenue.

Retirement planning for women

Longer lifespans and lower savings require creative income strategies.

Sean Spicer resigns as press secretary after Anthony Scaramucci is appointed communications director

Scaramucci is known as an ardent foe of the DOL fiduciary rule, having said during the campaign that Trump would repeal it .

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print